Russia Still Undecided on Crypto Exchange As Legal Debate Heats Up

Russia has yet to decide on the creation and operation of cryptocurrency exchanges within the country. This is amid speculations of the government beginning trials for adopting cryptocurrency for international transactions.

Although the Ministry of Finance and the Central Bank of Russia are actively debating the issue, a consensus remains elusive. Local authorities reveal that the delay centers around the need to establish a robust legal framework that will ensure the protection of all market participants while facilitating the operation of these digital asset platforms.

In an interview with Russian news agency TASS, Anatoly Aksakov, the head of the State Duma Committee on Financial Markets, said that crypto exchanges do not operate under any clear and unified legal mechanisms.

“Currently, the only regulation applicable to potential crypto exchanges in Russia can only be the experimental legal regime in the field of digital innovations in the financial market (EDI), the law on which was recently adopted,” the report quoted Aksakov as saying.

The Ministry of Finance and the Central Bank are reportedly engaged in discussions about creating crypto exchanges in the Russian Federation, but they have yet to make a decision.

Aksakov identified the delay in developing an optimal legal framework in the operation of crypto exchanges as the main cause of the hold up. He added that launching a crypto exchange would facilitate legal mechanisms to help access a platform and control all associated processes.

He further shared that Russia is looking forward to establishing specific rules for crypto exchanges, adding that Russia was supposed to have two crypto exchanges.

“One of the platforms is proposed to be created in Moscow. However, it has not yet been decided whether it will be created on the basis of the Moscow Exchange or separately within the framework of the experimental legal regime. The second one — in St. Petersburg — is supposed to use the base of the St. Petersburg Currency Exchange (SPCE),” Aksakov reportedly said.

He also pointed out the possibility of a quasi-state exchange that will have the direct or indirect participation of the Central Bank and the Ministry of Finance.

Popular crypto trader Ash Crypto (@Ashcryptoreal) praised Russia’s trial of cross-border payments, and showcased his excitement.

🚨 BREAKING 🚨

RUSSIA HAS STARTED A TRIAL OF
CROSS-BORDER PAYMENTS USING
CRYPT.

RUSSIA TRADES $600 BILLION
ANNUALLY, WHICH IS ALMOST 30%
OF TOTAL CRYPTO MARKET CAP.

ULTRA BULLISH FOR CRYPTO 🔥 pic.twitter.com/PgoJ65Waef
— Ash Crypto (@Ashcryptoreal) September 4, 2024

Russia already passed two bills involving cryptocurrencies. The first one centered around legalizing crypto for international trade, while the second one mentioned exploring the legalization of cryptocurrency mining in the country.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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