Russia’s Federation Council to Set Up Working Group on Crypto Regulations – Regulation Bitcoin News


The Federation Council of the Russian legislature is forming a working group anticipated to suggest complete rules for cryptocurrencies. Officials from a number of ministries and authorities companies, in addition to members of the nation’s increasing crypto business, will be part of the physique.

Federation Council to Prepare New Regulations for Cryptocurrencies in Russia

The Federation Council, the higher home of Russian parliament, is establishing a working group of specialists to tackle the duty of creating further rules for Russia’s rising crypto house. Cryptocurrencies at the moment are solely partially regulated by way of the legislation “On Digital Financial Assets,” and officers have acknowledged the necessity to undertake extra guidelines to cowl varied features comparable to circulation and taxation.

Besides lawmakers, the group will comprise representatives of the Ministry of Finance, Ministry of Economic Development, Russia’s monetary watchdog, Rosfinmonitoring, the Ministry of Digital Development, the Federal Tax Service, Bank of Russia, and legislation enforcement companies. Quoted by Forklog, the Deputy Chairman of the Federation Council Nikolai Zhuravlev introduced on the Finopolis 2021 discussion board that members of the cryptocurrency business will even be invited.

During his participation on the occasion dedicated to modern monetary applied sciences, Zhuravlev remarked that using cryptocurrency as a way of fee is prohibited in Russia. But then he additionally commented that whether or not different operations with digital cash must be banned is a tough and debatable query.

According to an earlier assertion by the First Deputy Chairman of the Federation Council’s Committee on Budget and Financial Markets Elena Perminova, the home is at present analyzing the presence of cryptocurrencies within the Russian monetary market. Perminova mentioned final month that the chamber intends to “seriously address this issue.”

In late November, the decrease home of Russia’s Federal Assembly, the State Duma, revealed it’s additionally forming a working group of lawmakers who will attempt to reply excellent questions pertaining to the regulation of decentralized digital currencies within the Russian Federation.

The group will maintain its first conferences within the close to future, the pinnacle of the parliamentary Financial Market Committee Anatoly Aksakov introduced on the time. Its members will try and make clear crypto-related issues such because the legalization of mining and the introduction of taxation for crypto holdings and income.

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Do you anticipate Russia to comprehensively regulate cryptocurrencies and associated enterprise actions? Share your ideas on the topic within the feedback part beneath.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

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