The Federation Council of the Russian legislature is forming a working group that is expected to propose comprehensive regulations for cryptocurrencies. Officials from various government ministries and agencies, as well as members of the country’s expanding crypto industry, will join the body.
The Federation Council will prepare new regulations for cryptocurrencies in Russia
The Federation Council, the upper house of the Russian parliament, is establishing a task force of experts to take on the task of developing additional regulations for Russia’s burgeoning crypto space. Cryptocurrencies are now only partially regulated through the “On Digital Financial Assets” law, and officials have recognized the need to adopt more rules to cover various aspects such as circulation and taxes.
In addition to the legislators, the group will be made up of representatives from the Ministry of Finance, the Ministry of Economic Development, the Russian financial watchdog, Rosfinmonitoring, the Ministry of Digital Development, the Federal Tax Service, the Bank of Russia and the law enforcement agencies. Quoted by Forklog, Federation Council Vice President Nikolai Zhuravlev announced at the Finopolis 2021 forum that members of the cryptocurrency industry will also be invited.
During his participation in the event dedicated to innovative financial technologies, Zhuravlev remarked that the use of cryptocurrencies as a means of payment is prohibited in Russia. But then he also commented that whether other operations with digital currencies should be banned is a difficult and debatable question.
According to a previous statement by the first vice president of the Committee on Budget and Financial Markets of the Federation Council, Elena Perminova, the house is currently analyzing the presence of cryptocurrencies in the Russian financial market. Perminova said last month that the chamber intends to “seriously address this issue.”
In late November, the lower house of Russia’s Federal Assembly, the State Duma, revealed that it is also forming a working group of lawmakers who will try to answer outstanding questions related to the regulation of decentralized digital currencies in the Russian Federation.
The group will hold its first meetings in the near future, announced at the time the head of the parliamentary Financial Market Committee, Anatoly Aksakov. Its members will try to clarify issues related to cryptocurrencies, such as the legalization of mining and the introduction of taxes for cryptocurrency holdings and earnings.
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