Russia scraps state-run crypto exchange plans, emphasizes regulation of centralized platforms: report

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Russia reportedly backed out of plans to launch a state-owned crypto exchange and should regulate private exchanges instead.

According to a new report from Izvestia, the Russian Finance Ministry has rejected the idea of ​​establishing a national crypto exchange, after the idea was discussed late last year.

Says Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance of the Russian Federation,

The Ministry of Finance did not support the creation of a national crypto exchange, but rather there was an idea to legally regulate the possibility of the creation of such sites by companies.

Anatoly Aksakov, head of the Russian lower house committee on financial markets, also confirms to Izvestia the new direction.

Said Aksakov,

The authorities have abandoned the idea of ​​​​creating a national crypto exchange. Instead, most likely, rules will be established for the creation and operation of these structures.

Aksakov says the exchanges will help businesses make cross-border settlements and will likely face further restrictions, according to the report, which does not name specific exchanges.

The Central Bank should play a key role in regulating crypto.

Said Aksakov,

The Central Bank will probably regulate the work of crypto exchanges. And the rules will be written in the experimental legal regimes bill.

According to Izvestia, crypto industry leaders are backing the new development, including Oleg Ogiyenko, director of government relations for BitRiver, one of Russia’s largest mining companies.

Says Ogienko,

This will help minimize the risks of imposing sanctions, cyberattacks on infrastructure, and also eliminate cases of abuse of dominant position in the market.

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