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Legislators in Russia are drafting legislation that would allow the creation of a “national cryptocurrency exchange,” local media revealed. Coins are now circulating outside the government’s supervision, and the Russian state is losing budget revenues in the billions of rubles, one of the participants in this effort pointed out.
Members of the State Duma, the lower house of Russia’s parliament, are working on a legal framework that would enable authorities in Moscow to set up a Russian crypto exchange. The deputies have discussed the initiative with industry representatives in mid-November, leading Russian business newspaper Vedomosti reported, citing two informed sources.
Lawmakers plan to prepare a draft that takes market participants’ opinions into account and then send it to the government and Russia’s central bank, the publication revealed. Representatives of the Monetary Authority and the Ministry of Finance were not present at the meeting, the sources said.
The plan is to introduce the necessary changes to the country’s law “On Digital Financial Assets”, which came into force in January 2021. It is still the main legislation that regulates the country’s crypto space, but only partially.
Other changes proposed last week aim to legalize mining, while banning the circulation, exchange and non-targeted advertising of cryptocurrencies in Russia, with the exception of special “experimental legal regimes” that allow their use in payments for imports.
The news that work is already underway to create the legal basis for a Russian crypto exchange was confirmed to Vedomosti by Sergey Altukhov, a member of the Parliamentary Committee on Economic Policy from the ruling United Russia party. Commenting on the matter, the legislator insisted:
It makes no sense to say that cryptocurrencies don’t exist, but the problem is that they mostly circulate outside of government regulation.
According to Altukhov, it all comes down to billions of rubles in lost budget revenue from taxes that the Russian Federation could collect. He emphasized that it is necessary to facilitate the legalization of cryptocurrencies and adjust the “rules of the game” so that they do not contradict the positions of the executive power and the central bank.
One of the sources also noted that the future exchange is not seen as a platform that will facilitate the spread of cryptocurrencies or their use as a means of payment in Russia, but rather as a place where Russians will be able to declare and convert their digital holdings into fiat. In his opinion, at least one such site should be created under Russian jurisdiction to prevent potential foreign restrictions and security risks stemming from storing data abroad.
Do you think Russia will be able to establish its own cryptocurrency exchange? Tell us in the comments section below.
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