The lower chamber of Russia’s parliament — the State Duma — has reportedly started work on a bill that could support the creation of a “national crypto exchange.”
The platform requires approval from the country’s central bank and the Ministry of Finance. The Bank of Russia has previously revealed its negative attitude towards the digital asset industry.
Russia’s Potential Crypto Move
According to a recent local reportThe State Duma plans to make certain amendments to the existing legislation “On Digital Financial Assets” that could help establish a “national crypto exchange in Russia.” The legislator discussed the initiative with market participants in mid-November.
Sergey Altuhov – a member of the State Duma Committee on Economic Policy – confirmed the rumors and suggested that the country with the largest landmass should include the digital assets sector. However, the main problem facing the industry is the lack of proper regulation, he added:
“It makes no sense the existence of cryptocurrencies denying it, the problem is that they circulate in a large stream outside of government regulation. This is billions of tax rubles in lost tax revenue for the federal budget. “
Anatoly Aksakov – a senior official of the State Duma – implied in June that Russia could launch a crypto platform based on Moscow Stock Exchange standards. He also said that such a trading venue should only exist if the central bank monitors it carefully.
“And this department, which will work within the framework of a respected organization with great traditions, which is used to actively cooperating with the central bank, will, in my opinion, best cope with the task of conducting cryptocurrency operations.”
As CryptoPotato reported in September, the Moscow Stock Exchange drafted a bill on behalf of the Bank of Russia that could allow trading of digital financial assets (DFAs).
The ‘National Crypto Exchange’ requires a permit
The reporting also revealed that representatives of the Ministry of Finance and the Central Bank did not attend the meeting between the State Duma and market participants.
The lower house of parliament intends to prepare a document and put it out to the entities so they can be aware of the idea and consider their position.
The Ministry of Finance and the Bank of Russia must approve the platform setup before it can go live. The banking institution has repeatedly and even expressed its negative attitude towards the digital asset industry pushed the government to enforce a total ban on all cryptocurrency endeavors on Russian territory.
The Ministry wasn’t so hostile suggest that regulation is better than Chinese-style prohibition.
Source: Crypto News Deutsch