The State Duma is the Russian lower house and will soon host a working group to discuss cryptocurrencies. The group’s members will be responsible for clarifying regulatory issues related to digital assets, such as taxation and legalization.
Russian Parliament creates Working Group to address regulatory gaps in crypto space
Russian State Duma now has a working group made up of deputies that will attempt to resolve outstanding questions about the regulation and use of decentralized digital currency. According to Anatoly Aksakov (head of the parliamentary Financial Market Committee), the group’s first meeting will be held in the very near future.
Vyacheslav Volodin, Duma Speaker, proposed setting up the group of working people on November 11, according to Prime Russian Business News Agency. Aksakov expressed his positive attitude towards the move and added that the house is now gathering the group’s members.
The high-ranking lawmaker remarked that there are “grey areas” pertaining to issuance, circulation, taxation, and operations with cryptocurrencies. “All this needs to be discussed, analyzed, legislatively and normatively regulated. Accordingly, I believe the final decision is in your best interests. [to create the working group] is right,” he commented and also stated:
First, I will take part in the activities of the group. Second, I hope we can find solutions.
So far, Russia has only partially regulated cryptocurrencies and related activities with the law “On Digital Financial Assets,” which went into force in January of this year. Some questions remain, such as whether cryptocurrency can be used for payments. Bank of Russia, which is opposed to the acceptation of bitcoin as a legal currency, proposed recently the creation of legal liability for operations with digital assets it considers illegal.
Another area of interest is cryptocurrency mining. Russia’s abundant, cheap energy has made it a top destination for crypto-miners. But the government is still not regulating the industry. Moscow is becoming increasingly aware that mining should not be treated as an enterprise activity, and therefore taxed. Anatoly Aksakov, a September resident, shared this opinion.
What proposals to expand Russia’s regulatory framework for cryptocurrencies do you expect from the working group at the Russian parliament? Leave your comments below.
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