Russia plans to build a cryptocurrency exchange – crypto.news

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Russia plans to build a cryptocurrency exchange – crypto.news

Lawmakers in Russia have proposed a “On Digital Assets” law adjustment to control cryptocurrency exchange mining while outlawing the use of cryptocurrencies in the nation. The legislation forbids the non-targeted promotion of goods and services related to cryptocurrencies.

New attempt in Russia to legalize cryptocurrency mining

Russian lawmakers are working on the creation of a national cryptocurrency exchange. According to reports, the Ministry of Finance and the Monetary Authority of Russia, which have a protracted history of conflict over cryptocurrency regulation in the nation, favor this initiative.

Local media unveiled representatives of the Russian parliament’s lower house, the Duma, have held meetings with stakeholders to explore revisions to the country’s existing cryptocurrency legislation “On digital financial assets.” The amendments, which would provide the legal foundation for a national exchange, would be presented to the monetary authority first.

Sergey Altukhov, a member of the Economic Policy Committee, revealed to Vedomosti that work has begun on the draft modifications that would permit the establishment of a cryptocurrency exchange within Russian territory (United Russia). “It is illogical to assert that cryptocurrencies do not exist, but the issue is that they circulate in quantities outside governmental control.

He pointed out that these are missed tax money totaling billions of rubles for the budget. As reported by Altukhov, it is essential to establish prerequisites for the legality of cryptocurrencies and modify the “ of the game” that are included in the state framework so that they do not conflict with the ’s and the government’s positions. Altukhov pointed out that the are at present debating the regulators’ “reinforced concrete” arguments and the algorithm of actions.

A national cryptocurrency exchange in Russia could be established as a component of the Exchange, “a legitimate organization with extensive traditions,” as reported by Anatoly Aksakov, Duma’s Committee on Financial Market head. To allow trading in digital financial assets, the Moscow Exchange produced a bill in September on behalf of the central bank.

The Duma was presented with a draft earlier this month that would authorize cryptocurrency mining and the sale of the extracted coins. Local miners will be permitted to use platforms and the Russian platform created under the bill for Bitcoin (BTC) sales. The latter scenario would in transactions exempt from Russian currency controls and regulations but still needs reporting to the Russian tax office.

If passed, the new regulation will make it illegal to encourage cryptocurrency assets to a broad audience through advertising or other means. Except for mining, the ban covers all forms of generalized, non-targeted advertising for goods and services associated with creating, transferring, and using cryptocurrencies like bitcoin.

This means that cryptocurrency activities, such as those of exchanges, would be illegal. Simultaneously, peer-to-peer trading should be permitted, as reported by the Russian cryptocurrency Bits. Media.

As reported by a by Forklog, regulations that have already been put in place only apply to disclosing details about the offering and acceptance of digital  as payment. In light of the sanctions, their usage is permitted in another mining measure delivered to the Duma in late October.

As reported by Anatoly Aksakov, the most up-to-date law is anticipated to be adopted in December and go into effect on Jan. 1, 2023. He stated in November that the Russian government plans to “allow the mining of any cryptocurrency.”

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