The State Duma, the lower house of Russia's parliament, has just given its approval for the country to create its own crypto exchanges, a local publication has reported referring to State Duma deputy Alexander Yakubovsky, a member of the working group on cryptocurrency regulation. He has said:
"We have all the resources, including the creation of our own exchanges, the use of other payment schemes and the use of other platforms. Cryptocurrencies are an area where it is difficult to talk about really operational restrictions in our country."
The deputy has noted that Binance, which has recently stopped supporting transactions with Visa and Mastercard cards issued in Russia, continues to advise Russian lawmakers on the development of regulation of the sector.
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He is convinced that effectively prescribed regulation can open up Russia's access to the financial market, and the development of digital assets can minimize the damage of sanctions.
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Yakubovsky has also said Russian miners will not leave the market and that crypto mining should be set as a separate type of economic activity:
"We need to simplify the registration process, the submission of reporting documentation as much as possible, set a minimum tax rate and simplify the payment of tax fees."