It is high time that nations realise the power of crypto and make headway to ensure a better and more accessible crypto landscape. A state-monitored crypto community that is powered by trust and security. Russia has realized this and is set to launch a new cryptocurrency exchange.
Russia is preparing to launch a new cryptocurrency exchange, but only for highly qualified investors. The Russian Central Bank and the Ministry of Finance are backing the decision. However, according to Anton Siluanov, the Finance Minister, this exchange will only host investors with a certain level of mettle.
New Russian Crypto Exchange Approved
The news of this new crypto exchange was first reported by the Russian media channel RBC. However, the decision is still in an experimental state. This means that the state will release the exchange as an experiment to observe how it performs. The goal behind this decision is to bring crypto out of the shadows.
However, the decision of a new crypto exchange is not aligned with the local Russian law regarding finance. Instead, the state will mediate crypto transactions in accordance with the ELR regulations.
According to the regulatory body, individuals are permitted to trade and hold cryptocurrencies, but they cannot use them as a means of domestic payment. Subsequently, only individuals with an investment of over $1.1 million or an annual income can participate in this. Hence, the state is taking baby steps to mediate and make crypto more accessible to its citizens.
