Local media revealed that Russian lawmakers are currently drafting legislation to establish a “national crypto exchange.” One participant in these efforts pointed out that coins are now freely circulated without government oversight and that the Russian state is losing billions of rubles in budget revenues.
The State Duma is Russia’s lower house and currently working to create a legal framework to allow Moscow authorities to establish a Russian cryptocurrency exchange. According to Vedomosti, a leading Russian business newspaper, the deputies discussed the idea with industry representatives mid-November.
According to the publication, lawmakers are expected to draft a draft that considers market participants’ opinions and submit it to the government and the Central Bank of Russia. Sources said that representatives of the Ministry of Finance and the monetary authority were absent from the meeting.
The country’s law “On Digital Financial Assets” was in force in January 2021. Although it is only a tiny part of the legislation regulating the country’s crypto space, it is still the most critical.
Other changes made last week are to legalize mining and ban the exchange, circulation, and non-targeted advertisement of cryptocurrencies in Russia. The exception is notable “experimental legal régimes” that allow their use in import payments.
Sergey Altukhov from the ruling United Russia party, a parliamentary Economic Policy Committee member, confirmed to Vedomosti that work has already begun to create the legal foundation for a Russian crypto-exchange. The lawmaker commented on the matter:
While it is absurd to claim that cryptocurrencies don’t exist, the problem is that they circulate much outside of government regulation.
Altukhov said that it comes down to billions in lost budget revenue due to taxes the Russian Federation could collect. Altukhov stressed that the legalization of cryptocurrency is necessary and that the game’s rules must be adjusted not to contradict the positions of the executive and central banks.
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Another source said that the future exchange would not be used to facilitate the use of cryptocurrencies in Russia or their spread. Instead, it will be where Russians can declare and convert their digital assets into fiat. To avoid foreign restrictions and security threats from data storage abroad, he believes at least one such website should have been established under Russian jurisdiction.
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