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Working group meets to prepare regulations for cryptocurrencies in Russia – regulation – Crypto News

A crypto working group held its first session in the Russian parliament. Its members have been tasked with putting forward legislative proposals for the comprehensive regulation of cryptocurrencies and related matters in the Russian Federation.

Working group gathers in the State Duma to draft crypto regulations

Legislators, government officials and experts met in the lower house of the Federal Assembly of Russia State Dumato discuss and propose new laws regulating the circulation of cryptocurrencies in the country, the head of the working group, Alexey Gordeev, announced to the media.

Gordeev, who is also the Duma deputy spokesman, noted that Moscow authorities are well aware of the existence and development of the crypto industry in the country. However, he pointed out that there is still no need to put in place relevant regulations for the sector.

While cryptocurrencies were partially regulated with the Digital Financial Assets Act, which went into effect in January, a number of related activities and aspects remained outside its scope, including crypto trading and taxation.

Current Russian legislation lacks definitions of terms such as “cryptocurrency” and “mining”, and Alexey Gordeev believes these need to be provided. While Russia rejects digital currencies like Bitcoin as legal tender, the law does not specifically prohibit Russian citizens from owning and transferring these assets.

Gordeev announced that representatives of the Bank of Russia, relevant ministries and other departments attended the first meeting of the working group on Tuesday. Talks between them will resume in February when they take on the task of drafting proposals for legal regulation, Russian business news portal Prime reported.

The legislature is also expected to examine a report in which the central bank details its views on the outstanding issues. The monetary authority has consistently maintained a tough stance on cryptocurrencies contrary their use in payments and calls Money substitute. “We do not see any place for cryptocurrency in the Russian financial market,” deputy chairman Vladimir Chistyukhin told Reporter this week.

At the beginning of December, deputy chairman of the Federation Council Nikolai Zhuravlev announced that the upper house of parliament is forming its own working group on crypto regulations. In addition to senators, there will be representatives from the Ministry of Finance, the Ministry of Economic Development and the Ministry of Digital Development, as well as Rosfinmonitoring, Russia’s Financial Supervisory Authority, the Federal Tax Service, the Bank of Russia and law enforcement agencies.

Do you expect Russia to have comprehensive regulations on cryptocurrencies soon? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am and not what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two more Sources of inspiration.




Photo credits: Shutterstock, Pixabay, Wiki Commons


Source: Crypto News Austria

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