Russian lawmakers are working on amendments to launch a national crypto exchange. This effort is reportedly supported by both the Ministry of Finance and the Central Bank of Russia, which have a long history of disagreements over crypto regulation in the country.

As local media reported on Nov. 23, members of the lower house of the Russian parliament, the Duma, have been in talks about amendments to the country’s existing cryptocurrency legislation “On Digital Financial Assets” with market stakeholders. . The amendments, which would establish a legal framework for a national exchange, will first be submitted to the central bank.

Sergey Altuhov, a member of the Duma Committee for Economic Policy, highlighted the fiscal sensitivity of such measures:

“It makes no sense to deny the existence of cryptocurrencies, the problem is that they circulate in a large flow outside of state regulation. These are billions of tax rubles of lost tax revenue for the federal budget.”

In June, the head of the Duma Committee on Financial Markets, Anatoly Aksakov, suggested that a national crypto exchange could be launched in Russia as part of the Moscow Stock Exchange, “a respectable organization with a long tradition.” In September, the Moscow Stock Exchange drafted a bill on behalf of the central bank to allow trading in digital financial assets.

Related: Russia’s central bank report examines cryptocurrency’s place in the financial system

Earlier this month, a bill that would legalize cryptocurrency mining and the sale of the mined cryptocurrencies was submitted to the Duma. The bill would form a Russian platform for the sale of cryptocurrencies, but local miners will also be able to use foreign platforms. In the latter case, Russian currency controls and regulations would not apply to the transactions, but would have to be reported to the Russian tax service.

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