At a time when one crypto company another collapses, Russia thinks in terms of possibilities. The country is in the process of developing a national crypto trading platform. This is remarkable news, but less remarkable when you consider that this is of course placed under government supervision.

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Regulations for the crypto exchange

A local news platform from Russia says that the country is working on the regulations for establishing an official Russian crypto exchange. The lower house of the Federal Assembly of Russia (in other words, the State Duma) will be responsible for this.

State Duma deputies will now first start developing frameworks that take into account the position of the crypto market. This must be all in order before it is presented to the government and the Bank of Russia. The country had already been working on this before, but this resulted in a kind of 'Welles notes' debate between these two parties.

There is already a bill for mining

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Ahead of this news about the upcoming regulations, the Duma's appointees have been talking to market participants about the changes needed for a law involved: “Digital Financial Assets”.

This is a bill introduced on November 17 to legalize the mining of cryptocurrency and the sale of this mined cryptocurrency. The proposal states that digital currency may be sold by miners, under the condition that the Russian 'information infrastructure' is not used for transactions.

Billions of rubles were lost

When you consider why Russia is doing this, it seems to be about making money, rather than supporting developments in the crypto space. At least this appears to be the case when it comes to Sergei Altukhov, a member of the Economic Policy Committee. He commented on the upcoming regulatory framework: “The problem is that it circulates in a large stream outside of government regulation. This is billions of rubles in lost fiscal revenue in the form of taxes.”

According to Altukhov, there should be conditions that allow the legalization of crypto and the adjustment of the "rules of the game" within the law, which - logically - do not conflict with the positions of the government and the Central Bank.

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