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Russia Abandons Plan for a National Cryptocurrency Exchange

The State Duma has announced that it will not create new cryptocurrency exchange networks. The comment was recently issued by Russian official Anatoly Aksakov.

He maintained that Russia was working on developing the local crypto sector as a response to the Western sanctions. However, the government of Russia has made it clear that it is not working on a national cryptocurrency exchange.

Meanwhile, the country has now focused its attention on creating a crypto regulatory framework. The plans to work on a national Russian crypto exchange were first presented in 2022.

After the current change of stance, Duma official Aksakov has told media that the now state body is working on a unified crypto exchange network that will work as part of the Moscow stock exchange.

Russian Legislators are Working on a Comprehensive Crypto Regulatory Framework

Duma is the lower house of the Federal Assembly in Russia. The legislators in the country are now working on introducing a comprehensive crypto regulatory framework. Aksakov talked about the new plans at the local Russian media house Izvestia.

On the other hand, the Finance Minister’s office of Russia has opposed the plans for nationalized crypto exchange.

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Aksakov is the head of the financial markets committee at Duma. He pointed out that Russia will be able to make international commercial transactions using crypto exchanges. He also claimed that these cryptocurrency trading platforms will assist local Russian businesses to bypass international trade sanctions.

Thus, it is likely that Western nations could impose new sanctions against Russian crypto platforms. He maintained that Russia will continue to establish more crypto exchanges as a response to financial sanctions.

Russia can nominate the Central Bank as the central regulator over its crypto sector. The suggestion was shared by Aksakov in the latest interview. He also talked about experimental legal regimes bill that may contain a regulatory framework for crypto exchanges in the light of new development.

Deputy Governor of Russian Central Bank Alexey Guznow commented that crypto exchanges are still not a norm in Russia. He claimed that these platforms are more likely to work as middlemen for local Russian businesses and international clients for cross-border payments.

 He also maintained that these firms can participate in parallel imports. Meanwhile, crypto enterprises in Russia have opposed the aim of the government of national crypto exchange and leaned in favor of regulations.

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A regulatory framework will grant legal legitimacy to the crypto exchanges and it will avert the risk of sanctions. David Lespreance a legal consultant claim that a nationalized crypto exchange could hinder financial freedom and has an easy VPN alternative therefore it was not a viable plan.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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