What's Hot

    Circle Launches EURC on Stellar Network

    September 28, 2023

    Gemini Allocates $24 Million for Indian Expansion

    September 28, 2023

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      Circle Launches EURC on Stellar Network

      News September 28, 2023
      Recent

      Circle Launches EURC on Stellar Network

      September 28, 2023

      Gemini Allocates $24 Million for Indian Expansion

      September 28, 2023

      Kraken Secures EMI License from Ireland and Spain

      September 28, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Russia Dismisses Plans to Build Crypto Exchange 
    News

    Russia Dismisses Plans to Build Crypto Exchange 

    Anietie DavidBy Anietie DavidMay 30, 2023Updated:May 30, 2023No Comments2 Mins Read
    Russia Dismisses Plans to Build Crypto Exchange 
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Russia has changed its approach regarding the establishment of a regulated national cryptocurrency exchange. Instead of pursuing a single exchange, they now aim to regulate multiple crypto trading platforms.

    According to Anatoly Aksakov, a member of the State Duma, Russian lawmakers have abandoned the plan to create a national crypto exchange that was introduced in November 2022. Initially, there were considerations of launching a unified crypto exchange in collaboration with the Moscow Exchange. However, the latest development indicates that Russia intends to establish regulations governing the creation and management of crypto platforms, as reported by the local news agency Izvestia on May 29. The Ministry of Finance in Russia was among the authorities that did not support the proposal for a national crypto exchange.

    Aksakov, who leads the Duma’s financial markets committee, emphasized the significance of crypto exchanges in facilitating cross-border transactions for Russian businesses. Additionally, these exchanges would allow local firms to evade sanctions, although this might lead to restrictions being imposed on such platforms.

    In response to potential limitations, Russia plans to continue developing new crypto platforms and organizations. Aksakov stated that the primary objective would be to regulate this process effectively.

    Central Bank of Russia Will be Central Regulatory Body

    Aksakov suggested that the Russian central bank is expected to assume the primary regulatory role in overseeing cryptocurrency exchanges. He noted that the corresponding regulatory framework would be included in the bill concerning experimental legal regimes.

    According to Alexey Guznov, the deputy governor of the Bank of Russia, it is premature to discuss traditional cryptocurrency exchanges in Russia. Instead, these platforms would likely function as entities that facilitate coordination between exporters and importers to enable cross-border transactions. For instance, they could assist Russian companies in making payments for parallel imports.

    Reportedly, major Russian crypto companies have expressed opposition to the creation of a national cryptocurrency exchange. Their preference lies in establishing a regulatory framework for such organizations. By implementing a new regulatory mechanism, the aim is to minimize the risks associated with sanctions and cyberattacks on infrastructure, as well as address concerns related to market dominance. Oleg Ogienko, a compliance executive at BitRiver, proposed that crypto exchanges should initially impose restrictions on unqualified investors on their platforms.

    Blockchain Crypto Exchange Russia
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleBinance Freezes $4.4 Million Worth of Crypto
    Next Article Japanese Exchange bitFlyer Adopts Limits to Comply with New Travel Rule
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    Circle Launches EURC on Stellar Network

    September 28, 2023

    Gemini Allocates $24 Million for Indian Expansion

    September 28, 2023

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.