Instead of pursuing the creation of a regulated national cryptocurrency exchange, the Russian government has shifted its focus to regulating multiple crypto trading platforms.
Anatoly Aksakov, a member of the State Duma, revealed that the plan for a national crypto exchange, which was introduced in November 2022, has been abandoned. Instead, Russia aims to establish guidelines for the creation and management of these platforms.
The Ministry of Finance was among the authorities that did not support the idea of a national exchange. Aksakov, who heads the Duma’s financial markets committee, emphasized that crypto exchanges would enable Russian businesses to process international transactions and evade sanctions, potentially leading to restrictions against such platforms. In response, Russia intends to continue developing new crypto platforms and organizations while emphasizing the importance of regulation.
Aksakov suggested that the Russian central bank would likely serve as the main regulatory authority overseeing cryptocurrency exchanges, with the regulatory framework incorporated into the bill on experimental legal regimes.
According to Alexey Guznov, deputy governor of the Bank of Russia, it is premature to discuss cryptocurrency exchanges in the traditional sense in Russia. Instead, these platforms are expected to function as coordinating bodies facilitating cross-border transactions between exporters and importers. For instance, they would assist Russian companies in making payments for parallel imports.
According to reports, prominent Russian cryptocurrency companies have expressed opposition to the concept of establishing a national cryptocurrency exchange. Instead, they advocate for the implementation of a regulatory framework that governs such organizations. Oleg Ogienko, a compliance executive at BitRiver, stated that this regulatory mechanism would serve to reduce the risks of sanctions and infrastructure cyberattacks, as well as address concerns regarding market dominance. He further proposed that crypto exchanges should impose restrictions on unqualified investors, particularly during the early phases of their operations.