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The Russian government and the Central Bank have yet to reach a consensus on launching a state-run cryptocurrency exchange, according to a top lawmaker who made the statement on September 3.
Anatoly Aksakov, the main architect of Russia’s crypto legislation and Chairman of the State Duma’s Committee on Financial Markets, shared these comments in an interview with TASS.
Aksakov’s remarks appear to cast doubt on recent statements by Finance Minister Anton Siluanov.
Last month, the minister suggested that lawmakers could approve multiple crypto exchanges during the State Duma’s upcoming fall session.
State-Run Crypto Exchange: Are Russian Plans Stalled?
“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 stated that the “main reason for the delay” is the “need to develop an optimal legal framework for the operation of crypto exchanges.” He added:
“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 noted that the government intends to “define general rules that will be developed jointly with the government” and regulatory bodies.
He further explained 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 proposed launching crypto exchanges at the nation’s two largest stock and currency exchanges: the St. Petersburg Currency Exchange (SPCE) and the Moscow Exchange.
The SPCE recently posted a senior job opening related to cryptocurrency. However, last month it denied having any plans to launch crypto-related activities. The Moscow Exchange issued a similar denial in recent days.
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“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 and Saint Petersburg Exchanges Distance Themselves from Crypto
Aksakov elaborated on the situation:
“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 is only partially state-controlled.
“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 Option?
The lawmaker also discussed another option, which would involve Moscow building a crypto exchange “within the framework of the experimental legal regime.”
This regime is a sandbox that essentially allows Russian companies to use cryptocurrency 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 exercises regulatory control 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, cryptocurrency industry leaders in Tatarstan have claimed they are “ready to go” with a planned state-run cryptocurrency exchange platform.
“It is obvious that the first parts of the Russian national crypto infrastructure will only be made available to a limited circle of individuals and organizations. I think that [Russian] cryptocurrency exchanges will have to operate in this manner. They will have to do so – if not until [the West eases] sanctions, then until sanctions are relaxed.”
Anton Gorelkin, Deputy Chairman, State Duma Committee on Information Policy and co-author of Russian crypto-related law, on his Telegram channel
