Working Group Meets to Prepare Regulations for Cryptocurrencies in Russia – Regulation Bitcoin News

A crypto working group has held its first meeting at Russia’s parliament. The group’s members were given the task of submitting legislative proposals to regulate cryptocurrency and other related issues in Russia.

State Duma: Working group convenes to create crypto regulations

Alexey Gordeev (head of the working group) announced that lawmakers, officials from the government, and experts met in Russia’s lower house, the State Duma to debate and suggest new legislation to regulate the use of cryptocurrency in Russia.

Gordeev also serves as deputy speaker for the Duma. He noted that Moscow is well-aware of the existence and development of crypto industries in Russia. But, Gordeev noted that there are not yet any regulations in place for the industry.

While cryptocurrencies were partially regulated with the law “On Digital Financial Assets” which went into force in January, a range of related activities and aspects remained outside its scope, including crypto trading and taxation.

Current Russian legislation lacks definitions of terms like ‘cryptocurrency’ and ‘mining’, and Alexey Gordeev believes these have to be provided. Although Russia does not recognize digital currencies such as bitcoin, it doesn’t prohibit Russian citizens owning or transferring them.

Gordeev revealed that representatives of the Bank of Russia, relevant ministries, and other departments took part in the working group’s first meeting on Tuesday. According to Prime, discussions between the two sides will continue during February as they work together on legislative regulations.

They will also review the report by the central bank, in which it will detail its view on all outstanding questions. While the central bank has been firm in its opposition to cryptocurrency being used for payments, they have also called them money-surrogates. “We don’t see a place for cryptocurrency in the Russian financial market,” Deputy Chairman Vladimir Chistyukhin told reporters this week.

Nikolai Zhuravlev (Deputy Chairman of Federation Council) announced in December that parliament will form its own group to address crypto regulation. Besides senators, it will comprise representatives of the Ministry of Finance, Ministry of Economic Development, and Ministry of Digital Development as well as Rosfinmonitoring, Russia’s financial watchdog, the Federal Tax Service, Bank of Russia, and law enforcement agencies.

Are you optimistic that Russia will soon have comprehensive rules for cryptocurrency? Comment below.

Lubomir Tassav

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, international politics and economics are two other sources of inspiration.