‘No Consensus on Launching State-run Crypto Exchanges’ – Russian Lawmaker

The Ministry of Finance and the Central Bank are actively discussing the issue of creating crypto exchanges, key MP claims

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The Russian government and Central Bank are “yet to reach a consensus” on the launch of a state-run crypto exchange, a top lawmaker claimed on September 3.

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.

Aksakov appeared to pour cold water on recent claims 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.

Aksakov added that the “main reason for the delay” was “the need to develop an optimal legal framework for the operation of crypto exchanges.” He said:

“There are also disagreements about how exactly [the government and the bank] can protect the interests of all [crypto exchange] market participants.”

Anatoly Aksakov, the State Duma’s Financial Markets Committee Chairman. (Source: Anatoly Aksakov/YouTube)

The lawmaker said the government would seek to “define general rules that will be developed jointly with the government” and regulatory bodies.

And he added that the Central Bank would have “the opportunity to establish specific rules and procedures” for “the operation of crypto exchanges.”

Aksakov also confirmed reports that Moscow had floated plans to launch crypto exchanges at the nation’s two biggest stock and currency exchanges: The St. Petersburg Currency Exchange (SPCE) and the Moscow Exchange.

The SPCE recently posted a senior crypto-related job opening. But last month it denied it had any plans to launch crypto-related activities. And the Moscow Exchange has followed suit with a similar denial in recent days.

“The Moscow Exchange has no plans to trade cryptocurrency.” Nikolai Trunichkin, Moscow Exchange’s head of digital projects and products

The Moscow Exchange in Moscow, Russia. (Source: RBC Invest/YouTube/Screenshot)

Moscow, Saint Petersburg Exchanges Distance Themselves 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.”

However, the lawmaker also mentioned the possibility of launching an exchange that was only part-controlled by the government.

“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 lawmaker also spoke of another option, which would see Moscow build a crypto exchange “within the framework of the experimental legal regime.”

This regime is a sandbox that essentially allows Russian companies to use crypto as a payment tool in international trade.

Exclusive: Russia's trade with India is booming and bilateral payments are proceeding smoothly without the glitches that have been hampering trade with other countries, Anatoly Popov, deputy CEO of Russia's largest lender, Sberbank, told @Reuters https://t.co/1fus0tX06O — Reuters (@Reuters) September 3, 2024

The Central Bank has regulatory sway over this sandbox. The bank also wants to ensure that Russia’s industrial Bitcoin (BTC) miners use this sandbox to trade the coins they mine.

As previously reported, crypto industry leaders in Tatarstan have claimed they are “ready to go” with a planned state-run crypto exchange platform.