Russia Abandons Plans For State-Run Crypto Exchange, Focuses On Regulation

Twitter icon  •  Published 4 months ago  •  Hassan Maishera

The Russian government has reportedly abandoned plans to launch its own crypto exchange and will instead focus on regulating private companies in the industry.


  • The Russian government has reportedly shelved its plans to launch a state-run crypto exchange.

  • The parliament will now focus on regulating cryptocurrency exchanges and companies operating in the country.

Russia Abandons Its Crypto Exchange Plans

Russian lawmakers have reportedly ended plans for creating a state-run crypto exchange. The lawmakers will now focus their attention on regulating the cryptocurrency industry in the country. 

Colin Wu of Wu Blockchain revealed this on Monday, citing a translation from a Russian news outlet. The news outlet stated that Russia is now focusing on allowing private companies to develop cryptocurrency exchanges. 

Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance for the Russian Federation, stated that

“The [Ministry] did not support the establishment of one national crypto-exchange.” The idea, instead, is to legally regulate the possibility of creating such sites by business.”

Anatoly Aksakov, head of the Russian lower house committee on financial markets, also stated that;

“Instead of creating one national crypto exchange, it is planned to establish rules for the establishment and operation of such infrastructures.”

He further stated that cryptocurrency exchanges would be allowed to handle cross-border transactions. However, he didn’t reveal the type of payments they would be allowed to handle. Aksakove added that there would be some restrictions in place. 

The report added that the Russian apex bank would most likely regulate the activities of the cryptocurrency exchanges. The central bank would also manage international settlements within the regulatory framework of the country. 

The news has brought optimism to crypto companies operating in Russia. Oleg Ogienko of BitRiver, a cryptocurrency mining operation that operates in Russia, told the media outlet that;

“The move will help minimize the risks of sanctions, cyber attacks on infrastructure, and eliminate possible market monopolies. It will also allow for more competitive and innovative companies to develop.”

This latest cryptocurrency news comes following reports that the Russian government could leverage stablecoins to avoid Western sanctions.



Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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