Russian Lawmakers Abandon State Crypto Trading Platform Plans

Russian lawmakers have decided to put a stop to the construction of a state-level crypto trading platform. They want to focus on creating rules that would let private businesses create and run these platforms under the supervision of the Russian central bank. By the end of the year, these new operating rules will be implemented. The choice marks a change in strategy as Russian officials acknowledge the potential advantages of encouraging private sector participation in Bitcoin trading. The government hopes to promote a more dynamic and competitive market while guaranteeing regulatory compliance under the control of the central bank by allowing private entities to establish and administer trading platforms.

Russian Government Abandons National Crypto Exchange Plan, Focuses on Regulations

The government decided against launching a national cryptocurrency exchange. Anatoly Aksakov, the chairman of the State Duma committee on the financial sector, told Izvestia that regulations for the construction and maintenance of such buildings are more likely to be adopted. He said that because the exchanges will aid companies in carrying out international settlements, limits might start to be put in place. New organizations will start to form at the same time. The Department of Finance agrees with this idea as well. Market participants are optimistic that the new system will increase competition by lowering the risks associated with penalties and the potential of cyberattacks.

According to Anatoly Aksakov, the chairman of the State Duma panel on the financial sector, it is intended to set regulations for the setting up and running of such infrastructures rather than creating a single national cryptocurrency exchange. He explained that further limits might be put in place against exchanges since they will be used to carry out cross-border settlements, including getting around sanctions restrictions.

Trending Now: Wanchain and Function X Join Forces for Non-Custodial Crosschain Bridges

The key concern is that they follow the rules, but other organizations are bound to be able to show up at the same time. The contact between exporters and importers, as well as cross-border exchanges of crypto, will likely be supported by these organizations, he continued.

Russian Ministry Opposes National Cryptocurrency Exchange, Supports Regulation of Private Platforms

Ivan Chebeskov told Izvestia that the ministry did not support the creation of a single national cryptocurrency exchange but rather supported the idea of legally regulating the possibility of such websites being created by businesses. He claims that the department thinks that digital currencies need to be thoroughly controlled.