The Russian government has abandoned its plans to establish a national cryptocurrency exchange and is now focusing on establishing new regulations for businesses to adhere to.
Recent sources claim that the Russian government has abandoned its plan of creating a national cryptocurrency exchange. Instead, according to Anatoly Aksakov, the head of the State Duma committee on the financial market, they intend to set rules for the development and management of such platforms.
New Laws For Cryptocurrency Exchanges
Aksakov emphasized that cryptocurrency exchanges may be vulnerable to limitations because they help firms with cross-border settlements. Nevertheless, he expressed confidence that the imposition of new rules will open doors for growing organizations. The Ministry of Finance concurs with this idea, highlighting the demand for thorough regulations to encourage the adoption of cryptocurrencies in the nation.
It is anticipated that the Central Bank would take on the responsibility of overseeing cryptocurrency exchange operations. According to the deputy, the details of these laws will likely be incorporated in the proposed law on experimental legal systems. Additionally, recent research has shown that the Ministry of Finance preferred a legal framework that would permit other companies to develop similar platforms rather than supporting the creation of a new national cryptocurrency exchange.
Market participants welcomed the decision
Market players have backed the decision of abandoning the national exchange in favor of regulated operations. The director of government relations at BitRiver, Oleg Ogiyenko, highlighted that this approach will allay worries about market domination while minimizing risks related to sanctions and cyberattacks on infrastructure.
Additionally, it is suggested that unique criteria be added for foreign cryptocurrency exchanges wishing to operate in the Russian Federation. The security and confidentiality of data pertaining to Russian clients would be the main emphasis of these standards. The greater crypto community applauds the country’s good position on cryptocurrencies as it shifts its focus to regulatory frameworks for crypto platforms and ranks ninth in terms of population.
The price of Bitcoin increased by 2.02% over the last 24 hours as a result of this cryptocurrency news, compared to a rise of 3.62% over the past seven days. Currently, BTC is trading at $27,810.13 at the time of writing.