Russia Abandons Plans for National Crypto Exchange


Crypto News: Recent reports have shown that the Russian Authorities have abandoned the idea of creating a national cryptocurrency trading exchange. Instead, they plan to establish regulations governing the operation and development of these platforms. Anatoly Aksakov, the head of the State Duma committee on financial markets, explained that crypto exchanges facilitating cross border settlements for business may be subjected to certain restrictions. Nevertheless, he expressed his optimism that new regulations would create opportunities for new organizations. The Ministry of Finance also endorses this concept and stresses the need for comprehensive guidelines in order to encourage crypto adoption.

New Rules For Crypto Exchanges

The Central Bank will regulate the role of crypto exchanges and the specifics of the regulations will be included in a draft law on experimental legal régimes. Information has revealed that the Ministry of Finance did not support the creation of a national crypto exchange, but instead proposed a framework that would allow other businesses to build such platforms.

Market Participants Welcome Decision

Market participants have backed the decision to abandon national exchanges in favor of regulated operation. Oleg Ogiyenko, the Director of Government Relations at BitRiver, said that the approach minimizes the risks associated with cyber attacks and sanctions on infrastructure. It also addresses concerns about market dominance. The proposal is to introduce specific requirements for crypto exchanges from abroad that want to operate in the Russian Federation. These requirements would be primarily focused on ensuring security and confidentiality related to Russian clients.

The larger crypto community is pleased with the country’s positive stance. The price of crypto has risen in the wake of the news. Bitcoin has gained 2.02% in the last 24 hours compared to a rise of 3.62% that was recorded in the last seven days, currently at a value of $27,810.13.

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