The Chairman of the Committee on Financial Markets of the State Duma, Anatoly Aksakov, recently said that the government is not against the development of a crypto trading venue in Russia. However, he continued, the entity must abide by the strict guidelines established by the central bank and function similarly to the Moscow Exchange.
Despite the country’s substantial interest in cryptocurrencies, it lacks a local exchange; thus, people must use foreign platforms like Binance, FTX, and Kraken. Soon after Russia’s invasion of Ukraine, certain trading platforms imposed some limitations.
In the midst of the uproar, Anatoly Aksakov, a senior official at the State Duma, the lower house of the Russian Federal Assembly, suggested that a local crypto exchange would soon be launched. However, he believed that such an organization should be under the central bank’s stringent supervision and adhere to its “requirements” in order to operate.
He also believes that the Moscow Exchange’s rules should serve as the foundation for any possible cryptocurrency platform in Russia. Aksakov stated:
“And this division, which will work within the framework of a respected organization with great traditions, accustomed to actively interacting with the Central Bank, in my opinion, will best of all cope with the task of carrying out operations with cryptocurrency.”
Russia is slowly solidifying its position
The Russian population has always been interested in the crypto market, despite the fact that the government and the Bank of Russia showed opposition against it.
Mikhail Mishustin, the prime minister, asserted earlier this year that domestic investors hold digital assets valued at over 10 trillion rubles ($163 billion). 7% of Russia’s population, or a total of 10 million residents, were estimated to be HODLers.
Crypto regulations in Russia have been a controversial topic in the past few months. CBR, which used to be in favor of a complete ban on cryptocurrencies, is now making concessions on the matter, as TheCoinRise reported. Moreover, the Trade minister recently said that Russia would ultimately legalize crypto as a means of payment.
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