Legislation being drafted by Russian lawmakers is establishing a national crypto exchange. The Ministry of Finance and the Central Bank of Russia have a protracted history of conflict over crypto regulation. They are reportedly supporting this initiative.
According to local media, members of the Russian parliament’s lower chamber, the Duma, have been talking with market stakeholders about amending the country’s existing cryptocurrency legislation “On digital financial assets.” The central bank will first be presented with the amendments, which would establish a legal framework for a national exchange.
The chairman of the Duma’s Committee on Financial Markets suggested that a national crypto exchange be established in Russia as a part of the reputable, long-standing Moscow Exchange.
The Moscow Exchange drafted a bill on behalf of the central bank in September to allow trading in digital financial assets. A bill to legalize crypto mining and the sale of the crypto mined was introduced to the Duma earlier this month. The bill would create a Russian platform for cryptocurrency sales, but local miners could also use foreign platforms. Transactions in the latter case would be exempt from Russian currency controls and regulations. However, they would have to be reported to the Russian tax service.
Of the total amount sent, 9,950 BTC are still in personal wallets. At the same time, the rest went through intermediaries before arriving at four deposit addresses in two major exchanges.
Ki Young Ju, co-founder and CEO of the blockchain analytics company Cryptoquant confirmed the findings. They also pointed out that 0.6% of the funds went to exchanges and might be sell-side liquidity. The FBI shut down BTC websites. It seized its assets in 2017 after allegations that it was a part of money laundering, including using crypto stolen during the Mt. Gox exchange hack. BTC-e had US-based servers.