Russian lawmakers intend to establish a national crypto exchange.
They are working on a draft amendment bill that would allow the country to set up a state-backed crypto exchange.
The bill will be a game changer for the Russian financial sector if enacted.
working structure of crypto platforms. As a result, Russian lawmakers proposed a draft to establish a "national crypto exchange."
The lawmakers are drafting amendments to the existing "On digital financial assets" law in consultation with market participants, many of whom are probably active participants in the Russian crypto industry.
Surprisingly, the Ministry of Finance and the Central Bank of Russia, which are known to disagree on crypto regulation in Russia, are supporting this initiative.
Last month, the Russian Ministry of Finance reported that Russian companies doing business within the Russian Federation have begun to use cryptocurrencies to bypass international trade restrictions.
As a result, the Russian government has been planning and establishing legal standards for cross-border crypto transactions for months. Despite the fact that the Russian Federation's government has advocated for the digital ruble over private cryptocurrencies.
With the new draft proposal, legal rules will govern the use of digital assets in Russia. In addition, the proposal will also assist the Russian government to prevent tax evasion.
All these reasons prompted Russian lawmakers to propose such a draft to establish a government-backed crypto exchange.
The bill is currently being debated in Russia's lower house, The Duma, with market participants regarding amendments to the country's existing cryptocurrency legislation.
Then the amendments, which would establish a legal framework for a national exchange, would first be presented to the central bank and ministry of finance for their approval.
If the proposal is implemented, it will be a game changer in the Russian financial sector. Since Russia ranks third in terms of crypto asset holdings, this bill is crucial for Russian crypto investors as well.
What do you think, will Russia adopt this proposal? If so, how will it affect Russia's financial system? Share your views in the comment section below.
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