Russia shelved its national cryptocurrency exchange project.
Russia’s plans to set up a national cryptocurrency exchange have been cancelled. Russian State Duma official Anatoly Aksakov stated that they will continue to respond to sanctions by creating new crypto platforms.
Russian Government Shelves National Stock Exchange Plans and Greenlights New Platform
The Russian government no longer plans to launch a regulated national cryptocurrency exchange. The country wants to regulate multiple crypto trading platforms instead.
State Duma member Anatoly Aksakov announced that Russian lawmakers abandoned the idea after they implemented plans to launch a national crypto exchange in November 2022. Previously, local officials were considering the idea of launching a unified crypto exchange as part of the Moscow Stock Exchange.
According to Aksakov, Russia now prefers to introduce rules for creating and regulating such platforms rather than establishing a unified crypto exchange.
Aksakov told local news agency Izvestia that crypto exchanges will allow Russian businesses to conduct cross-border transactions, while at the same time such platforms will help local firms avoid possible sanctions.
Aksakov suggested that the Russian central bank could be the main regulatory authority overseeing cryptocurrency exchanges. He stated that the relevant regulatory framework will be part of the draft law on experimental legal regimes.
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