Russian lawmakers have begun drafting amendments to set up a national cryptocurrency exchange in Russia.
In mid-November, lawmakers discussed with market participants the amendments to the “Digital Financial Assets” law necessary for this purpose. Work continues for the stock market, which is stated to be supported by the Ministry of Finance and the Central Bank of Russia.
Russia Steps Up Steps for National Crypto Exchange
According to the news in Vedomosti, the local media, State Duma members are discussing with market stakeholders the changes to be made on the country’s current cryptocurrency legislation “Digital financial assets”.
The amendments, which will create the legal framework for a national stock exchange, will first be submitted to the central bank. It was stated that the plan is to first prepare a document that takes into account the state of the market and then submit it to the government and the Bank of Russia for discussion.
Sergey Altuhov, member of the Duma’s Committee on Economic Policy, underlined the fiscal sensitivity of such measures:
“There is no point in denying the existence of cryptocurrencies, the problem is that they circulate in a huge flow outside of government regulation. These amount to billions of rubles of lost tax revenue for the federal budget.”
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