Russia Will Introduce A National Cryptocurrency Exchange Through An Amendment Bill

Russia will propose new amendments to the “Digital Financial Assets” law, which aims to allow cryptocurrency trading on state-controlled websites.

On November 23, Russian lawmakers are working on amendments to launch a national cryptocurrency exchange and are supported by the Ministry of Finance and the Central Bank of Russia.

Members of the Duma, the lower house of Russia’s parliament, discussed with market stakeholders an amendment to the country’s current cryptocurrency law regarding “digital financial assets”. This change, which will create the regulatory framework for national exchanges, will first be submitted to the central bank.

The publication’s source clarified that the delegates and businesses agreed that a single cryptocurrency exchange would not be instrumental in spreading digital currency as a means of payment in the country. The platform will be a variant of an exchange where digital currencies can be declared and converted.

Last week, a draft amendment to the law on digital assets was submitted to the State Duma, effectively banning the circulation of cryptocurrencies in Russia for everyone except miners, who will have to sell cryptocurrencies through an authorized organization under a regulatory test.

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