The Russian government shifts focus from launching a national cryptocurrency exchange to regulating multiple crypto trading platforms.
Russian lawmakers have abandoned the idea of creating a national cryptocurrency exchange after initially planning its launch in November 2022, according to State Duma member Anatoly Aksakov.
Russia shifts its approach from a unified crypto exchange to establishing regulations for creating and managing multiple platforms, as reported by Izvestia, with the Ministry of Finance among those opposing the national exchange plan.
Anatoly Aksakov suggests that the Russian central bank is expected to play a key role in regulating cryptocurrency exchanges, while Alexey Guznov emphasizes the potential for these platforms to act as facilitators of cross-border transactions and coordination between exporters and importers.
Russian crypto companies advocate for establishing a regulatory framework instead of a national crypto exchange to mitigate risks, ensure cybersecurity, and address market dominance, with suggestions to limit access for unqualified investors, as stated by BitRiver compliance executive Oleg Ogienko.
Also Read: Russia to Experiment with Cryptocurrency in Cross-Border Deals
