The Russian Federal Assembly’s lower house is working on a legal framework for creating an official Russian crypto exchange – according to a report by a local media house.



The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the ‘‘algorithm of actions and reinforced concrete discussions’’ are ongoing.



In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.  



See Related: Russian Government To Legalize Crypto For Cross-Border Payments



Russian Economic Policy Committee Pushes For Regulatory Reforms



Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.



‘‘It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,’’ Sergey remarked. He added that it is important to have the digital asset class legalized the ‘‘rules of the game’’ adjusted.



His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in ‘‘strict requirements’’ of the Central Bank.



See Related: Will Russia Ban Bitcoin? Likely Not; Here’s Why…
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