Russia Ditches State Crypto-Exchange Plans, and Backs Private Sector Boom!
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Russia Ditches State Crypto-Exchange Plans, and Backs Private Sector Boom!

RegulationExchange

By Miles

04 Jun 2023

1 min read

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Russia is shifting from its plans for a state-owned digital asset exchange to support private sector initiatives, intending to introduce a broad regulatory framework for these entities to enable cross-border payments and strengthen the country's crypto-friendly stance.

Russia is ending plans for a state-controlled digital asset exchange and instead, looks to back private sector players. The country aims to introduce a comprehensive regulatory framework for these firms, supervised by the Central Bank. Lower House Committee on Financial Markets chief, Anatoly Aksakov, said the government plans to enable private entities to carry out cross-border payments within set constraints. 

The Ministry of Finance's Director of Financial Policy, Ivan Chebeskov, reinforced that the government won't support a national crypto-exchange, but rather, will regulate the formation of such sites by private businesses. Experts, like BitRiver's Olieg Ogienko and GIS Mining's Ivan Gostev, have lauded this as a positive move towards competitiveness and innovation while mitigating monopolies and security risks. 

Russia's approach to cryptocurrencies has been inconsistent, with attempted bans and regulations, but this latest decision could boost its crypto-friendly status. In 2020, 12% of Russians owned cryptocurrencies, ranking the country second in digital asset adoption.

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