Russia Backs Down from National Crypto Exchange Plan

-Russian authorities have canceled plans for a national crypto exchange and will instead focus on regulating private sector alternatives.
-The exchanges would be regulated by local regulations as they could be used to bypass sanctions.
-Several crypto stakeholders within the country believe this approach would benefit all parties .

Russia Drops Plan for National Crypto Exchange

Russian authorities have canceled their plans for a national crypto exchange, instead focusing on creating regulations to govern private sector alternatives.

Regulations Aimed at Sanctions Bypassing

The exchanges will be regulated locally, primarily in an effort to prevent them from being used to bypass international economic sanctions.

Crypto Stakeholders Support Decision

Crypto stakeholders within Russia have largely expressed their support of the new regulations, believing it will benefit all parties.

Regulations To Be In Place By End Of Year

The Russian Central Bank is expected to publish the new regulation before the end of 2022.

„Multiple Players“ Seen As Beneficial

„Multiple players in the industry presents more opportunities for users,“ said Oleg Ogienko, Director of Government Relations at BitRiver. „This diversification can bring more competition and innovation.“

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