Breaking: Russia Drops Plans For National Crypto Exchange

Crypto News: According to recent reports, the Russian authorities have discarded the idea of establishing a national cryptocurrency exchange. Instead, they plan to establish regulations for the development and operation of such platforms, as per Anatoly Aksakov, the head of the State Duma committee on the financial market.

New Rules For Crypto Exchanges

In his explanation, Aksakov highlighted that as crypto exchanges facilitate cross-border settlements for businesses, they may become subject to certain restrictions. Nevertheless, he expressed optimism that the introduction of new regulations will create opportunities for emerging organizations. The Ministry of Finance also supports this concept, underscoring the need for comprehensive guidelines to facilitate crypto adoption in the country.

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It is anticipated that the Central Bank will assume the role of regulating the operations of crypto exchanges. The specifics of these regulations are expected to be included in the draft law on experimental legal regimes, as stated by the deputy. Recent information has also revealed that the Ministry of Finance did not favor establishing a new national crypto exchange but rather proposed a legal framework for allowing other businesses to create such platforms.

Market Participants Welcome Decision

The decision to abandon the national exchange in favor of regulated operations has garnered support from market participants. Oleg Ogiyenko, the director for government relations at BitRiver, emphasized that this approach will minimize the risks associated with sanctions and cyber attacks on infrastructure, as well as address concerns about market dominance.

Furthermore, it is proposed that special requirements be introduced for foreign crypto exchanges seeking to operate within the Russian Federation. These requirements would primarily focus on ensuring the security and confidentiality of information related to Russian clients. As the 9th largest country by population pivots toward regulatory frameworks for crypto platforms, the larger crypto community welcomes the positive crypto stance taken by the country.

In the wake of this crypto news, the price of Bitcoin gained by 2.02% in the past 24 hours as compared to an increase of 3.62% recorded over the last week. At the time of writing, BTC is currently exchanging hands at $27,810.13.

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