Russian Federation Council is creating a working party to create comprehensive regulations regarding cryptocurrencies. Officials from several ministries and government agencies, as well as members of the country’s expanding crypto industry, will join the body.
Russia’s Federation Council will prepare new regulations for cryptocurrencies
The Federation Council, the upper house of Russian parliament, is establishing a working group of experts to take on the task of developing additional regulations for Russia’s growing crypto space. Cryptocurrencies are now only partially regulated through the law “On Digital Financial Assets,” and officials have recognized the need to adopt more rules to cover various aspects such as circulation and taxation.
Besides lawmakers, the group will comprise representatives of the Ministry of Finance, Ministry of Economic Development, Russia’s financial watchdog, Rosfinmonitoring, the Ministry of Digital Development, the Federal Tax Service, Bank of Russia, and law enforcement agencies. Forklog quoted Nikolai Zhuravlev, the deputy chairman of the Federation Council. He announced that the Finopolis forum 2021 forum would also include members from the cryptocurrency industry.
Zhuravlev made a comment at an event on innovative financial technology that cryptocurrency is not allowed in Russia. He also said that it was difficult to decide whether any other transactions with digital currencies should be prohibited.
According to an earlier statement by the First Deputy Chairman of the Federation Council’s Committee on Budget and Financial Markets 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 it’s also forming a working group of lawmakers who will try to answer outstanding questions pertaining to the regulation of decentralized digital currencies in the Russian Federation.
Anatoly Aksakov, head of the Financial Market Committee in Parliament, announced that the group would hold its first meeting within the next few months. They will work together to address crypto-related questions such as taxation and legalization for mining, and how taxes can be applied to crypto earnings and holdings.
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