The lower chamber of Russia’s parliament – State Duma – has reportedly started working on a draft bill that could aid the creation of a “national crypto exchange.”
The platform needs the approval of the country’s central bank and the Ministry of Finance. The Bank of Russia has previously shown its negative stance on the digital asset industry.
Russia’s Potential Crypto Move
According to a recent local report, the State Duma plans to make certain amendments to the existing legislation “On digital financial assets” that could help with the establishment of a “national crypto exchange in Russia.” The lawmakers have already discussed the initiative with market participants in the middle of November.
Sergey Altuhov – a member of the State Duma’s Committee of Economic Policy – confirmed the rumors and suggested that the largest country by landmass should embrace the digital asset sector. However, the industry’s main issue is the lack of appropriate rules, he added:
“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. “
Anatoly Aksakov – an executive at the State Duma – hinted in June that Russia could introduce a crypto platform based on the Moscow Exchange standards. He also opined that such a trading venue should only exist if the central bank carefully monitors it.
“And this division, which will work within the framework of a respected organization with great traditions, accustomed to actively interacting with the central bank, in my opinion, will best of all cope with the task of carrying out operations with cryptocurrency.”
As Crypto Potato reported in September, the Moscow Exchange drafted a bill on behalf of the Bank of Russia that could allow the trading of digital financial assets (DFAs).
The ‘National Crypto Exchange’ Needs an Approval
The coverage further revealed that representatives from the Ministry of Finance and the central bank did not participate in the meeting between the State Duma and market stakeholders.
The lower house of the parliament intends to prepare a document and address it to the entities so they could be aware of the idea and consider their position.
The Finance Ministry and the Bank of Russia have to agree with the creation of the platform so it could go live. The banking institution has displayed its negative stance on the digital asset industry numerous times and even urgent the government to enforce a total ban on all cryptocurrency endeavors on Russian territory.
The Ministry has not been that hostile, suggesting that imposing regulations is better than a Chinese-style prohibition.