Earlier this month, a draught was submitted to the Duma that would make cryptocurrency mining and the selling of derived currencies lawful.
According to Cointelegraph, Russian lawmakers are working on establishing a national cryptocurrency exchange.
The Central Bank of Russia and the Ministry of Finance, which have a long history of confrontation over the nation’s regulation of cryptocurrencies, reportedly both support this plan, according to sources, Cointelegraph added.
The Duma, the lower house of the Russian parliament, has reportedly been in discussions with market players about amending the country’s present cryptocurrency legislation “On digital financial assets,” according to reports from local media on November 23. The measures that would create the legislative framework for a national exchange will first be presented to the central bank.
The head of the Duma’s Committee on Financial Market, Anatoly Aksakov, said in June that Russia may create a national cryptocurrency exchange as a component of the Moscow Exchange, “a credible organization with a historical history,” according to Cointelegraph. The Moscow Exchange produced a law in September to allow trading in digital financial assets on behalf of the central bank.
Earlier this month, a draught was submitted to the Duma that would make cryptocurrency mining and the selling of derived currencies lawful. The law would establish a Russian market for cryptocurrency sales, but local miners would also be allowed to use international markets, according to Cointelegraph.
In the latter case, transactions would not be subject to currency controls or regulations in Russia, but they would still need to be reported to the Russian tax authority.
