Russia wants to regulate crypto exchanges
Vladimir Chistyukhin, First Deputy Chairman of the Bank of Russia, stated that one of the regulator's and the government's top priorities is creating a legislative framework for regulating cryptocurrency exchanges.
Speaking at a meeting of the Federation Council Committee on Budget and Financial Markets, Chistyukhin emphasized that creating a legislative framework for regulating crypto exchanges is necessary to completely eliminate money laundering and terrorist financing-related cryptocurrency transactions.
“Today, there are various exchange offices where you can bring rubles and have them convert to cryptocurrency. We believe the government and the Central Bank should urgently create legislation that clearly describes and clarifies this area,” the official explained.
According to him, if rules for conducting such operations are established, then we can expect cross-border settlements in cryptocurrencies to develop more actively within a legal framework and according to clearly defined criteria.
Chistyukhin added that settlements and transactions with cryptocurrencies are already underway in Russia, but remain in a “gray zone” and have not yet become widespread. The experimental legal regime is not developing as rapidly as desired—international settlements are still easier to conduct through existing banking mechanisms.
Earlier, Yevgeny Masharov, a member of the Public Chamber's Commission for Public Review of Bills and Other Regulatory Acts, stated that criminal liability for illegal foreign exchange transactions, including digital currency transactions, would strengthen government oversight of financial violations.
