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- Russian authorities retract plans for a national crypto exchange, opting instead to set guidelines for companies to create such platforms.
- The shift in strategy, advocated by the head of the State Duma committee on the financial market, Anatoly Aksakov, has been welcomed by crypto market participants.
Contrary to previous intentions, the Russian government has decided against launching a national cryptocurrency exchange. Rather, it is now focusing its efforts on formulating regulations that would guide businesses in establishing and running such platforms, as conveyed by Anatoly Aksakov, the chairman of the State Duma’s financial market committee.
Setting a New Course: Regulations over Nationalization
Aksakov outlined that due to the global reach of crypto exchanges and their role in cross-border transactions, they could be subject to certain restrictions. However, he remained optimistic that the new rules would provide opportunities for burgeoning enterprises. The Ministry of Finance echoes this sentiment, asserting the need for detailed guidelines to expedite crypto acceptance nationwide.
The Central Bank is slated to supervise the activities of cryptocurrency exchanges, with the specifics of the regulations being incorporated into the draft law on experimental legal regimes. It has also come to light that the Ministry of Finance did not endorse the creation of a national crypto exchange. Instead, it has proposed a legal structure that would enable other businesses to establish such platforms.
Welcoming the Shift: Market Participants and Foreign Exchanges
This change in strategy, from nationalization to regulation, has garnered the support of many in the crypto market. Oleg Ogiyenko, the director for government relations at BitRiver, praised the decision, citing the reduced risk of sanctions, cyberattacks on infrastructure, and concerns over market dominance.
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Additionally, the proposal includes special requirements for foreign crypto exchanges that wish to operate within Russia. These regulations would focus primarily on maintaining the security and confidentiality of information pertaining to Russian clients. As the world’s ninth most populated country gravitates towards regulatory frameworks for crypto platforms, the broader crypto community has warmly embraced Russia’s positive crypto stance.
Following this development, the price of Bitcoin increased by 2.02% in the past 24 hours, reflecting a 3.62% rise over the previous week. At the time of writing, BTC is trading at $27,810.13, reinforcing the strong interest in cryptocurrency investments.
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