• Russia has canceled plans for a national crypto exchange and will instead focus on regulating private sector alternatives.
• The exchanges would be regulated by local regulations as they could be used to bypass sanctions.
• Several crypto stakeholders within the country believe this approach would benefit all parties.
Russia Backtracks from Plan to Create National Crypto Exchange
Russian authorities have canceled plans for a national crypto exchange and will instead focus on regulating private sector alternatives. The head of the State Duma committee on the financial market, Anatoly Aksakov, disclosed this to local media Izvestiya on May 29.
Regulations Planned For Private Exchanges
According to Aksakov, the exchanges would be regulated by local regulations as they could be used to bypass sanctions. The report suggested that the exchanges would be regulated by the Russian Central Bank, which would introduce new regulations for their operations before the end of the year.
Previous Plans For National Crypto Exchange
In November 2022, CryptoSlate reported that Russian lawmakers were working on a draft amendment bill allowing the country to launch a national crypto exchange.
Support From Crypto Stakeholders
Several crypto stakeholders within the country believe this approach would benefit all parties.The Director for Government Relations at BitRiver, Oleg Ogienko, highlighted the risks attached to a single national crypto exchange. According to him, multiple players in the industry could offer more stability and better security than one centralized platform.
