Russia's Financial Regulation Amendments To The Exchange Of National Cryptocurrency

Russia wants to make a national crypto exchange. (photo: dock. Pixabay)

JAKARTA - Russian lawmakers are making amendments to launch their own national cryptocurrency exchange. This effort is reportedly supported by both the Ministry of Finance and the Russian Central Bank, which has a long history of disagreements over crypto regulation in the country.

As local media reported on November 23, a member of Russia's lower house of parliament, Duma, discussed amendments to the cryptocurrency law in the country about digital financial assets with market stakeholders.

The amendments will lay the legal framework for a national exchange, but will first be submitted to the central bank.

Sergey Altuhov, a member of the Duma Economic Policy Committee, highlighted the fiscal sensitivity of these measures.

"It doesn't make sense to deny the existence of cryptocurrencies, the problem is they are circulating in large flows beyond state regulations. These are billions of tax rubles from lost tax revenues to the federal budget," Altuhov said, quoted by Cointelegraph.

In June, the head of the Duma Financial Market Committee, Anatoly Aksakov, suggested that national crypto exchanges in Russia could be launched as part of the Moscow Exchange, an honorable organization with a long tradition.

In September, the Moscow Exchange compiled a bill on behalf of the central bank to allow the trading of digital financial assets.

Earlier this month, a bill that would legalize cryptocurrency mining and mined cryptocurrency sales was introduced to Duma. The bill will form a Russian platform for cryptocurrency sales, but local miners will also be able to use foreign platforms.

In the latter case, Russian currency controls and regulations will not apply to transactions, but must be reported to Russian tax services.