Russia Opts for Crypto Regulations Over National Crypto Exchange Setup
The government has abandoned plans to launch a cryptocurrency exchange.
According to Aksakov, cryptocurrency exchanges will be used for international payments.
Russia has spent a lot of time developing its cryptocurrency policy at home. Russian Finance Minister Anton Siluanov mentioned a new payment system earlier in April. The new payment mechanism will include cryptocurrency.
Izvestiya, a Russian news outlet, reports that the government has abandoned plans to launch a cryptocurrency exchange. Instead, they want to create regulations for the launch and maintenance of cryptocurrency trading platforms.
Instead of having a single national crypto exchange, State Duma financial market committee chairman Anatoly Aksakov said that clear regulations for the industry would be preferable. According to Aksakov, cryptocurrency exchanges will be used for international payments.
Market Players Optimistic
The statement claims they might include legal behavior such as avoiding penalties without breaking the law. According to Aksakov, the government will regulate cryptocurrency markets. The rules will also be included in the proposed legislation on alternative legal systems.
The head of the financial policy division at the Russian Government of Finance, Ivan Chebeskov, has said that the government has not shown any enthusiasm for the establishment of a unified crypto-exchange in the country.
In its place, the consideration of legislative laws that would let firms build such platforms was proposed. He also told Izvestiya that the agency is certain that cryptocurrencies need strict regulation. Market players have backed the choice to forego the national exchange in favor of regulated operations.
Additionally, it is suggested that unique criteria be added for international cryptocurrency exchanges wishing to operate in the Russian Federation. The security and confidentiality of data pertaining to Russian customers would be the main emphasis of these standards.
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Filed under: Bitcoin - @ May 30, 2023 7:57 am