Russia Advancing in Blockchain Technology, Intending to Launch First "National Crypto Exchange"

Russian lawmakers are currently working to amend laws to launch a Russian national crypto exchange. At present, these suggestions are widely supported by the Ministry of Finance alongside the Central Bank of Russia. Both have historically had differing opinions over the regulation of cryptocurrency.

On November 23, local Russian media had reported that members of the Duma, the lower chamber of parliament were in negotiations about amendments in the states existing digital currency legislation with market stakeholders. These amendments would lay down a legal framework will first be presented to the central bank of Russia before getting clearance to launch Russia first national Crypto Exchange.

One of the lower chamber of parliaments member Sergey Altuhov, sitting on the Committee of Economic Policy, noted the fiscal sensibility of moving forward with this legislation:

“It makes no sense to deny the existence of cryptocurrencies, the problem is they circulate in a large stream outside of state regulation. These are billions of tax rubles of lost tax revenues to the federal budget."

This last June, Anatoly Aksakov, which sits at the head of Duma's Committee on Financial Market made the suggestion that a Russian crypto exchange could be launched in collaboration with the Moscow Exchange. Mr. Aksakov noted, "a respectable organization with long traditions." As a result, In September the exchange drafted a bill to allow trading crypto assets.

The Duma was also introduced to other blockchain developments. Earlier in November a bill that would make crypto mining and the sales of mined cryptocurrency legal was introduced. This bill would form a national platform for digital currency sales will be, however local miners will also be granted permission to use non-local platforms. For non-local platforms, Russian currency regulation would not apply to transactions, but would still need to be reported to the Russian tax service.

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