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Lisa Parker

An editor at FOMOdrive

  • Jul 25, 2023
  • 2 min read

Aksakov allowed the creation of crypto-exchanges in Russia as part of an experiment

Bitcoin logo with Russian flag

The State Duma's Financial Committee Head gave permission for the establishment of trial Russian crypto-exchanges.

It is possible that the bill will be approved during the autumn session.

It is not prohibited to purchase cryptocurrencies on foreign exchanges, however, it is not permitted to pay for them.

The St. Petersburg Exchange is currently considering launching a cryptocurrency exchange in Belarus.

Anatoly Aksakov, head of the State Duma committee on the financial market, announced on Monday that Russia will be conducting an experiment for two years, allowing the creation of crypto exchanges, according to Forbes.

Discussions between the Central Bank, government, and crypto community regarding the adoption of a necessary legislative framework are being hindered by disagreements between departments.

In the fall of 2022, the Russian authorities began preparing a bill to create a unified national crypto exchange. However, they eventually decided to abandon this idea and instead establish rules for the establishment and operation of such structures.

Aksakov noted that, unfortunately, their talks had gone on for too long and they had yet to come to a consensus on the potential of opening crypto-exchanges in experimental legal systems and using crypto-instruments to pay for imports into their country.

Aksakov expressed hope that the discussions with the Ministry of Finance and the Central Bank, which are at a good level, would be concluded by August, allowing the legislative process to be initiated during the autumn session. However, he noted that "some structures" have yet to give the green light for this to happen.

Russians are currently allowed to purchase cryptocurrency on foreign platforms, but are not allowed to use it for payment. In the spring, the Ministry of Finance drafted a law that would impose penalties for violations, but the document has yet to be presented to the State Duma.

Last week, the St. Petersburg Exchange announced that it is looking into the possibility of taking part in the establishment of a cryptocurrency exchange in Belarus. In Russia, regulations regarding cryptocurrencies have yet to be put in place. Since 2017, Belarus has allowed the use of cryptocurrencies, but some exchanges have stopped providing services to Russians.

One of RBC's sources noted that the St. Petersburg Exchange is interested in Belarus due to the well-established infrastructure for cryptocurrency operations.

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