Russia is reportedly abandoning plans to launch a state-owned crypto exchange and will instead regulate private exchanges.
According to a new Izvestia report, Russia’s finance ministry rejected the idea of establishing a national crypto exchange after discussing the idea late last year.
Says Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance of the Russian Federation,
“The Treasury Department was not in favor of creating a single national crypto exchange, but there was an idea to legally regulate the ability of companies to create such sites.”
Anatoly Aksakov, head of the Russian financial markets committee of the House of Commons, also confirms to Izvestia the new course.
says Aksakov,
“The authorities abandoned the idea of establishing a national crypto exchange. Instead, rules will most likely be drawn up for the establishment and operation of such structures.”
Aksakov says the exchanges will help companies make cross-border settlements and likely face new restrictions, according to the report, which does not name specific exchanges.
The Central Bank is expected to play a key role in the regulation of crypto.
says Aksakov,
“The Central Bank will likely regulate the work of crypto exchanges. And the rules will be written in the draft law on experimental legal regimes.”
According to Izvestia, crypto industry leaders support the new development, including Oleg Ogiyenko, director of government relations for BitRiver, one of Russia’s largest mining companies.
says Ogiyenko,
“This helps minimize the risks of imposing sanctions, cyber-attacks on infrastructure and also eliminates cases of abuse of a dominant position in the market.”
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