Russia Shifts Focus from State-Run Crypto Exchange to Centralized Platform Regulation, Reports Suggest
Reports suggest that Russia has decided against launching a state-owned cryptocurrency exchange and will instead focus on regulating private exchanges. The Ministry of Finance has rejected the idea of a national crypto exchange, opting to legally regulate the establishment of such platforms by businesses. Anatoly Aksakov, head of the Russian lower house committee on financial markets, confirms this shift in direction, stating that rules will be put in place for the establishment and operation of crypto exchanges. The Central Bank is expected to play a key role in regulating the industry. The move has garnered support from crypto industry leaders, who believe it will minimize risks such as sanctions, cyber attacks, and market manipulation.
Clever Robot News Desk 1st June 2023