In collaboration with market participants, local legislators are developing revisions to the current “Digital Financial Assets” law.
The creation of a national cryptocurrency exchange is now being focused on by Russian policymakers. According to reports, the Ministry of Finance and the Central Bank of Russia, which have a protracted history of conflict over crypto legislation in the nation, both support this initiative.
The Duma, the lower house of the Russian government, has been in talks with market participants about changes to the country’s current cryptocurrency legislation “On digital financial assets,” according to local media reports from Nov. 23. The central bank will first get a presentation of the revisions, which would establish the legal foundation for a national exchange.
Member of the Duma’s Committee on Economic Policy Sergey Altuhov emphasized the budgetary responsibility of such measures:
“It is absurd to argue against the existence of cryptocurrencies; the issue is that they are widely traded without any form of government oversight. The federal budget has lost billions of dollars in tax income as a result.”
Anatoly Aksakov, the chairman of the Duma’s Committee on Financial Market, said in June that Russia may establish a national cryptocurrency exchange as a member of the Moscow Exchange, “a credible organization with an extensive history.” On behalf of the central bank, the Moscow Exchange produced a law in September to permit trading in digital financial assets.
A bill that would authorize cryptocurrency mining and the selling of the extracted coins was presented to the Duma earlier this month. The legislation would create a Russian marketplace for cryptocurrency sales, but local miners would also be permitted to use global marketplaces. The latter scenario would exempt transactions from Russian currency controls and rules, but they would still need to be reported to the Russian tax office.