Government Drops Plan for Crypto Exchange, Shifts to Using Exchanges for Global Payments
Russia, after investing significant efforts in shaping its domestic cryptocurrency policy, is now focusing on implementing a new payment system that incorporates cryptocurrencies.
As per reports from Izvestiya, the government has decided to forgo the idea of launching its own cryptocurrency exchange and is now aiming to establish regulations for cryptocurrency trading platforms. The shift in strategy aims to facilitate the launch and operation of these platforms within the country.
Instead of creating a single cryptocurrency exchange controlled by the government, Anatoly Aksakov, chairman of the State Duma financial market committee, has expressed the preference for implementing clear regulations for the cryptocurrency industry. Aksakov further explained that cryptocurrency exchanges would serve the purpose of facilitating international payments.
According to Aksakov, the government aims to regulate cryptocurrency markets to promote legal behavior and discourage penalties, all while staying within the boundaries of the law. These regulations will be incorporated into the proposed legislation on alternative legal systems.
Ivan Chebeskov, the head of the financial policy division at the Russian Government of Finance, stated that the government is not enthusiastic about creating a single crypto-exchange in the country.
Instead of a national crypto-exchange, the government is considering introducing legislative laws that would allow companies to create their own platforms. Ivan Chebeskov also mentioned that the agency believes cryptocurrencies should be subject to strict regulation. Market participants have supported the decision to prioritize regulated operations over a national exchange.
Also Read This Related: Russia Abandons Plans for National Crypto Exchange
Furthermore, there is a suggestion to introduce specific requirements for international cryptocurrency exchanges seeking to operate in Russia. These standards would primarily focus on ensuring the security and privacy of data related to Russian customers.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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