Russia will no more establish a new national crypto exchange but bring new & strict regulatory measures, to keep potential crypto risks away.
Russia is now a crypto-friendly country. Before Feb 2022, Russia was not a good region for the crypto sector. In particular, the Russian finance ministry supported crypto adoption under strict regulation but the Russian Central Bank opposed the idea & always proposed the idea to bring a blanket ban on cryptocurrencies.
On 29 May 2023, the Russian local news agency Izvestia reported that the Russian finance ministry is not supporting the new national crypto exchange plan.
State Duma member Anatoly Aksako reportedly said that Russian crypto exchanges will be allowed to provide cross-border crypto transactions and also to allow crypto firms to avoid sanctions, which is likely to trigger restrictions against such platforms.
Earlier this, in Nov 2022, the country’s regulatory bodies proposed the idea to establish a national crypto exchange, just like a national stock trade platform. So now this country will no longer develop any new national crypto platform but still will bring new rules & policies and the Bank of Russia will handle the regulation work on the crypto exchanges.
Few media reports noted that the country’s regulators faced pressure from the local Russian crypto companies to drop the national crypto exchange plan.
It is worth it note that, shortly, not all retail investors will be able to invest in cryptocurrencies, & qualified crypto investors will be allowed to invest in the cryptocurrencies but what will be measured & standards to separate qualified & unqualified investors is still uncleared.
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