Russia Drops State-Backed Crypto Exchange Plans, Rolls Out New Regulatory Model For Industry.
04 Jun 2023, 08:00
Russia Drops State-Backed Crypto Exchange Plans, Rolls Out New Regulatory Model For Industry
Russia terminates plans to launch a state-owned digital asset exchange with plans to back private investors.According to authorities, the rules will be a model for the entire industry to facilitate cross-border payments amongst others.Experts weigh in on the Kremlin’s stance on digital assets amid financial restrictions by the EU and other international organizations. Russia has long been criticized for its mixed signals towards digital assets. However, this could change soon as the news of backing private exchanges marks a new dawn for the country’s relationship with cryptocurrencies.
Russian lawmakers plan to cease the formation of government-owned cryptocurrency exchanges with talks of introducing a new regulation template for private firms. According to reports, the country will move forward with a broad regulatory framework to be monitored by the Central Bank.