Rules for the organization and operation of crypto-exchanges will appear in Russia

In Russia, instead of creating one national crypto-exchange, they intend to develop rules for the establishment and operation of such organizations. This was reported “News”referring to the head of the State Duma Committee on the Financial Market Anatoly Aksakov.

The deputy explained that it would be reasonable to think over the whole mechanism of the establishment and operation of the structures that will take over the cross-border settlements. It is possible that the Central Bank will control the work of crypto exchanges, while the rules will be written in the draft law on experimental legal regimes.

According to Ivan Chebeskov, director of the Financial Policy Department of the Ministry of Finance of the Russian Federation, the ministry proposes a comprehensive regulation of digital currencies, hoping for a compromise with the Central Bank to introduce mining into the legal field and conduct international settlements and exchange operations with cryptocurrency within the experimental legal regime.

And Deputy Chairman of the Bank of Russia Alexei Guznov said that crypto exchanges will help in the interaction between exporters and importers and in carrying out cross-border settlements in digital currencies. So, thanks to them, domestic companies will be able to pay, for example, for parallel imports.

Oleg Ogienko, BitRiver Government Relations Director, explained that the presence of multiple crypto exchanges will help minimize sanctions, cyber attacks on infrastructure, and also eliminate cases of abuse of a dominant position in the market. It is also necessary to consider the requirements for foreign crypto exchanges wishing to work in the Russian Federation, related, among other things, to the security and confidentiality of information about Russian clients.