• Russian authorities have canceled plans for a national crypto exchange and will instead focus on regulating private sector alternatives.
• The exchanges would be regulated by local regulations as they could be used to bypass sanctions.
• Crypto stakeholders within the country believe this approach would benefit all parties.
Russia Backtracks from Plan to Create National Crypto Exchange
Russian authorities have decided to cancel their plans for a national crypto exchange, choosing instead to focus on regulating private sector alternatives. This decision was revealed by the head of the State Duma committee on the financial market, Anatoly Aksakov, in an interview with local media Izvestiya on May 29th.
Regulations Introduced by Central Bank
The report cited that these exchanges are expected to be regulated by the Russian Central Bank, introducing new regulations before the end of the year. These regulations are designed to address potential issues when it comes to bypassing sanctions via these exchanges.
Advantages for Crypto Stakeholders
Several crypto stakeholders within Russia believe that this move will bring about multiple advantages for all parties involved in the industry. Oleg Ogienko, Director for Government Relations at BitRiver, highlighted some of these risks associated with a single national crypto exchange and believes that having multiple players will bring about more stability and security in the market.
November 2022 Plans
In November 2022, CryptoSlate reported that Russian lawmakers were working on a draft amendment bill allowing them to launch a national crypto exchange. However, due to changes in circumstances and concerns raised about bypassing sanctions via such an exchange, they decided against launching it now but rather focus on regulating private sector alternatives instead.
Conclusion
Overall, this decision is seen as beneficial for both cryptocurrency stakeholders and those who use cryptocurrencies as a way of avoiding sanctions imposed upon them by certain countries or international organizations like UN or IMF . It remains unclear how exactly these regulations will look like but we can expect further updates regarding this matter soon enough.