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The ongoing discussions between the Russian government and the Central Bank regarding the establishment of a state-run crypto exchange have yet to culminate in a consensus. This information was disclosed by Anatoly Aksakov, a prominent lawmaker and a key figure behind Russia’s cryptocurrency legislation, during an interview with TASS on September 3.
Current Status of the Crypto Exchange Initiative
As the Chairman of the State Duma’s Committee on Financial Markets, Aksakov noted that there is still uncertainty surrounding the launch of a crypto exchange. His remarks seem to contradict recent statements made by Finance Minister Anton Siluanov, who suggested that the State Duma might approve several crypto exchanges during its upcoming fall session.
Lack of a Unified Legal Framework
Aksakov pointed out the absence of a unified legal mechanism governing the establishment and operation of crypto exchanges in Russia. He stated, “There is no clear and unified legal mechanism for the creation and operation of crypto exchanges.” According to him, while discussions between the Ministry of Finance and the Central Bank are ongoing, no agreement has been reached as of now.
Reasons Behind the Delay
The lawmaker highlighted that the primary reason for the delay stems from the necessity to formulate an optimal legal framework for operating crypto exchanges. He remarked, “There are also disagreements about how exactly [the government and the bank] can protect the interests of all [crypto exchange] market participants.” He emphasized the government’s intent to collaborate with regulatory bodies to define general rules for the crypto market.
Potential Locations for Crypto Exchanges
Aksakov also confirmed that plans had been considered to initiate crypto exchanges at Russia’s two major stock and currency exchanges: the St. Petersburg Currency Exchange (SPCE) and the Moscow Exchange. While the SPCE had earlier posted a senior crypto-related position, the exchange later stated it had no intention to commence crypto activities. Similarly, the Moscow Exchange has denied any current plans to engage in cryptocurrency trading, as stated by Nikolai Trunichkin, the head of digital projects and products at the Moscow Exchange.
Proposals for New Exchanges
Discussing future possibilities, Aksakov mentioned a proposal to establish at least two crypto exchanges in Russia. He outlined that one could potentially be based in Moscow—though it is yet undecided whether this would occur within the Moscow Exchange or operate independently. Meanwhile, the other exchange is expected to be located in Saint Petersburg at the SPCE.
Considering a Quasi-State Exchange
There is speculation regarding the formation of a quasi-state exchange in Russia that might involve direct or indirect participation from both the Central Bank and the Ministry of Finance. This concept introduces another layer of complexity to the matter as regulatory bodies seek to establish their roles and oversight in the cryptocurrency sector.
Exploring the Experimental Legal Regime
Aksakov also alluded to an alternative option, suggesting the possibility of creating a crypto exchange under an experimental legal regime—often referred to as a “sandbox.” This framework would permit Russian companies to utilize cryptocurrency as a payment method in international trade. The Central Bank has significant regulatory authority over this sandbox and aims to ensure that Russia’s industrial Bitcoin (BTC) miners can leverage this setting to trade the Bitcoin they mine.
Readiness of the Crypto Sector
Despite the delays in establishment, leaders within the crypto industry in regions like Tatarstan have expressed optimism about the proposed state-run crypto exchange platform. Anton Gorelkin, Deputy Chairman of the State Duma Committee on Information Policy, reflected on the matter, emphasizing that the initial phases of Russia’s national crypto infrastructure might be limited to a select group of individuals and organizations, especially in light of Western sanctions.
The discussion surrounding the creation of a state-run crypto exchange in Russia remains dynamic and complex, reflecting both the potential and the challenges faced by regulatory bodies in the fast-evolving cryptocurrency landscape.
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