The Federation Council of the Russian Legislature forms a working group that is expected to come up with comprehensive regulations for cryptocurrencies. Officials from several government departments and agencies, as well as members of the country’s growing crypto industry, will join the organization.
Federation Council to prepare new regulations for cryptocurrencies in Russia
The Federation Council, the upper house of Russia’s parliament, is setting up an expert working group to develop additional regulations for Russia’s growing crypto space. Cryptocurrencies are now only partially regulated by the “digital financial assets” law, and officials have recognized the need to adopt more rules to cover various aspects such as circulation and taxation.
In addition to lawmakers, the group will include representatives from the Ministry of Finance, Ministry of Economic Development, Russia’s Financial Supervisory Body, Rosfinmonitoring, Ministry of Digital Development, Federal Tax Service, Bank of Russia and the police. Quoted by Forklog, Federation Council Vice Chairman 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 pointed out that the use of cryptocurrency as a means of payment is prohibited in Russia. But then he also commented that banning other operations with digital coins is a difficult and moot point.
According to an earlier statement by the first vice-chair of the Federation Council’s Budget and Financial Markets Committee, 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 tackle this problem.”
At the end of November, the lower house of Russia’s Federal Assembly, the State Duma, revealed that it is also forming a task force of lawmakers that will attempt to answer outstanding questions regarding the regulation of decentralized digital currencies in the Russian Federation.
The group will hold its first meetings in the near future, the then chairman of the parliamentary committee on financial markets, Anatoly Aksakov, announced. Its members will attempt to clarify crypto-related issues such as the legalization of mining and the introduction of taxation of crypto assets and profits.
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