The State Duma began preparing regulations for the creation of a Russian crypto exchange

The State Duma began to develop a draft amendment to create a national crypto exchange in Russia. In mid-November, the deputies discussed with market participants the changes required for this to the law “On Digital Financial Assets”. A source close to the State Duma told Vedomosti about this, the information was confirmed by a participant in the meeting. Representatives of the Ministry of Finance and the Central Bank – industry regulators – were not at the meeting, one of the interlocutors specified. It is planned to first prepare a document taking into account the position of the market, and then submit it for discussion to the government and the Bank of Russia, he added.

The start of the preparation of a draft amendment that would allow the creation of a crypto-exchange in the Russian jurisdiction was confirmed to Vedomosti by a member of the Economic Policy Committee Sergey Altukhov (United Russia). “It makes no sense to say that cryptocurrencies do not exist, but the problem is that it circulates in a large stream outside of government regulation. These are billions of rubles of lost budget revenues in the form of taxes,” he recalled. According to Altukhov, it is necessary to create conditions for the legalization of cryptocurrencies and adjust the “rules of the game” that go in the state outline: they do not contradict the positions of the Central Bank and the government. Now the deputies are discussing the algorithm of actions and “reinforced concrete” arguments for regulators, Altukhov added.