Key MP asserts that the Central Bank and the Ministry of Finance are actively debating the possibility of establishing cryptocurrency exchanges.
A prominent lawmaker asserted on September 3 that the Russian government and Central Bank have “yet to reach a consensus” on the opening of a state-run cryptocurrency exchange.
The comments came from the main architect of Russia’s crypto legislation, Anatoly Aksakov in an interview with TASS. Aksakov is the Chairman of the State Duma’s Committee on the Financial Markets.
It seemed as though Aksakov refuted recent assertions made by Finance Minister Anton Siluanov.
Last month, the minister said lawmakers could approve multiple crypto exchanges in the State Duma’s upcoming fall session.
State-run Crypto Exchange: Russian Plans Stuck?
“There is no clear and unified legal mechanism for the creation and operation of crypto exchanges. The Ministry of Finance and the Central Bank are actively discussing the issue of creating crypto exchanges in the Russian Federation. But a consensus has not yet been reached.”Anatoly Aksakov, Chairman, State Duma’s Financial Markets Committee.
“The need to develop an optimal legal framework for the operation of crypto exchanges” was the “main reason for the delay,” according to Aksakov. He said:
“There are also disagreements about how exactly [the government and the bank] can protect the interests of all [crypto exchange] market participants.”
The lawmaker declared that regulatory agencies and the government would work together to “define general rules that will be developed jointly.”
Furthermore, he said that “the operation of crypto exchanges” would give the Central Bank “the opportunity to establish specific rules and procedures.”
Aksakov also verified rumors that Moscow had announced intentions to open cryptocurrency exchanges at the St. Petersburg Currency Exchange (SPCE) and the Moscow Exchange, the country’s two largest stock and currency exchanges.
Recently, the SPCE posted a job opening for a senior crypto position. However, it denied last month that it intended to start any crypto-related initiatives. And in recent days, the Moscow Exchange has denied anything similar.
“The Moscow Exchange has no plans to trade cryptocurrency.”Nikolai Trunichkin, Moscow Exchange’s head of digital projects and products
Exchanges in Saint Petersburg and Moscow Disengage from Crypto
Aksakov explained:
“There was a proposal to create at least two crypto exchanges in Russia. One of the platforms would be based in Moscow [according to this proposal]. However, it has not yet been decided whether it will be created [at] the Moscow Exchange or separately. The second one, in Saint Petersburg, would be based at the SPCE.”
The congressman did, however, also bring up the prospect of starting an exchange that was only loosely governed.
“Analysts do not rule out the possibility of launching a quasi-state exchange in Russia with the direct or indirect participation of the Central Bank and the Ministry of Finance.”Aksakov
Crypto Sandbox: A Fourth Way?
The legislator also mentioned a different course of action, in which Moscow would construct a cryptocurrency exchange “within the framework of the experimental legal regime.”
In essence, this regime is a sandbox that permits Russian businesses to use cryptocurrency as a payment method for cross-border transactions.
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This sandbox is subject to regulatory control by the Central Bank. Additionally, the bank wants to guarantee that the industrial Bitcoin (BTC) miners in Russia utilize this sandbox to exchange the coins they extract.
As previously reported, crypto industry leaders in Tatarstan have claimed they are “ready to go” with a planned state-run crypto exchange platform.
“It is obvious that the first parts of the Russian national crypto infrastructure will only be made available to a limited circle of individuals and organizations. I think that [Russian] cryptocurrency exchanges will have to operate in this manner. They will have to do so – if not until [the West eases] sanctions, then until sanctions are relaxed.”Anton Gorelkin, Deputy Chairman, State Duma Committee on Information Policy and co-author of Russian crypto-related law, on his Telegram channel