Instead of launching a regulated national cryptocurrency exchange, the Russian government intends to regulate multiple cryptocurrency trading platforms.
According to State Duma member Anatoly Aksakov, after introducing a proposal to create a national crypto exchange in November 2022, Russian lawmakers have abandoned the concept.
As previously reported, the local government considered launching a centralized cryptocurrency exchange as part of the Moscow Exchange.
Instead of establishing a centralized cryptocurrency exchange, Russia now seeks to establish guidelines for the creation and management of such platforms, according to Aksakov, as reported by Izvestia on May 29.
The Russian Ministry of Finance reportedly did not support the proposal for a national cryptocurrency exchange.
The chairman of the Duma’s financial markets committee, Aksakov, remarked that crypto exchanges would enable Russian businesses to conduct international transactions.
Cryptocurrency exchanges will also allow local companies to avoid sanctions, likely resulting in restrictions against these platforms.
Russia will continue to develop new crypto platforms and organizations in response to such restrictions, according to Aksakov, who added that the primary objective would be to regulate this process.
According to Aksakov, the Russian central bank will likely be the primary regulatory body overseeing cryptocurrency exchanges.
The related regulatory framework will be included in the experimental legal regimes bill, he noted.
According to Alexey Guznov, deputy governor of the Bank of Russia, it is too early to discuss cryptocurrency exchanges in Russia in the traditional sense.
These platforms would likely act as organizations facilitating cross-border transactions by coordinating interactions between exporters and importers.
He noted that such organizations would assist Russian companies in paying for parallel imports.
According to reports, major Russian crypto companies have opposed the creation of a national crypto exchange, preferring to establish a regulatory framework for such organizations.
According to BitRiver compliance executive Oleg Ogienko, a new regulatory mechanism will assist in mitigating the risks of sanctions and infrastructure cyberattacks, as well as eradicating issues related to the dominant market position.
At least in the beginning, he suggested that crypto exchanges should restrict unqualified investors from their platforms.