Russia will build a crypto exchange
Zach Anderson Nov 24, 2022 02:58
Russian politicians are amending cryptocurrency laws. Finance Ministry and Central Bank of Russia apparently back the endeavor. Russian currency restrictions and laws wouldn't apply, but transactions would be reported to the tax department.
The process of establishing a national cryptocurrency exchange is now being worked on by legislators in Russia, who are actively writing amendments.
It has been alleged that both the Russian Ministry of Finance and the Russian Central Bank are helping this initiative in some capacity. When it comes to the government's approach to the oversight of cryptocurrencies inside the nation, these two organizations have a long history of being at odds with one another.
The lower house of the Russian parliament is known as the Duma. On November 23, local media reported that members of the Duma had been participating in conversations with industry players proposing revisions to the country's current cryptocurrency law titled "On digital financial assets."
The amendments, which would set up a legislative foundation for a national exchange, would first be brought to the attention of the central bank in the country.
Anatoly Aksakov, the chairman of the Duma's Committee on Financial Markets, made a recommendation in June that a national cryptocurrency exchange in Russia may be created as part of the Moscow Exchange. Aksakov's comments were made in reference to the Moscow Exchange.
In September, the Moscow Exchange developed a bill on behalf of the central bank to enable trading in digital financial assets. This law is intended to facilitate trading in digital financial assets. The purpose of this measure is to make it possible to trade in digital financial assets.
A measure to legalize the mining of cryptocurrencies as well as the sale of cryptocurrencies that have been mined was presented to the Duma at the beginning of this month. The law also legalizes the selling of cryptocurrencies that have been mined.
However, local miners would still be allowed to utilize platforms located in other countries, despite the fact that the law would create a Russian platform for the sale of cryptocurrencies and set up a Russian platform for selling cryptocurrencies.
In the second scenario, the transactions in question would not be subject to the currency controls and rules that are in place in Russia; however, they would still be required to be reported to the Russian tax service. This would be the case even though they would not be subject to the currency controls and rules.
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