Anatoly Aksakov, the Chairman of the State Duma’s Committee on Financial Markets just shared that the government and the Central Bank haven’t yet agreed on starting a state-run cryptocurrency exchange.
No launch in fall
Aksakov expressed his skepticism in an interview about recent statements from Finance Minister Anton Siluanov, who suggested that lawmakers might approve several crypto exchanges in the upcoming fall session.
Aksakov pointed out that there is no clear legal framework for creating and running these exchanges, so the launch is pretty unlikely.
He mentioned that the Ministry of Finance and the Central Bank are indeed actively discussing the topic but haven’t reached a consensus.
The delay is mainly due to the need to establish a solid legal structure that protects the interests of everyone involved in the crypto market.
Russian regulatory framework for cryptocurrencies
This situation is especially important because it highlights the ongoing struggle within the Russian government to regulate the cryptocurrency market.
Without a unified legal framework, the launch of state-run exchanges remains uncertain, but Aksakov told that the government wants to create general rules in collaboration with regulatory bodies.
He also confirmed that there were discussions about launching crypto exchange services at Russia’s two largest trading platforms, the St. Petersburg Currency Exchange and the Moscow Exchange.
But these were only discussions yet, both exchanges denied any plans to engage in crypto activities.
Experimental legal framework for crypto companies
Aksakov also mentioned the possibility of a quasi-state exchange that could involve the Central Bank and the Ministry of Finance in some capacity.
This could lead to a more flexible regulatory environment. He discussed the idea of creating a crypto exchange within an experimental legal framework too, often referred to as a sandbox.
This sandbox would allow Russian companies to use cryptocurrency for international trade, with the Central Bank overseeing the regulations.
This could potentially benefit Russia’s industrial Bitcoin miners by providing them with a controlled environment to trade their mined coins.
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