A Working Group on Cryptocurrency Regulations Has Been Established by the Russian Parliament

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The State Duma, Russia’s lower house of parliament, will shortly convene a working committee on cryptocurrencies and associated activities. Its members will be tasked with explaining numerous regulatory issues of digital financial assets, such as the authorization of mining and the imposition of taxes.

The Russian Parliament Has Formed A Working Group To Address Regulatory Gaps In Crypto Space.

The Russian State Duma is now organizing a working group of deputies to address unanswered problems about decentralized digital currency governance. Anatoly Aksakov, the leader of the legislative Financial Market Committee, told RIA Novosti that the committee will hold its first meetings soon.

On Nov. 11, Russian business news outlet Prime reported that Duma Speaker Vyacheslav Volodin recommended the formation of the working committee. Aksakov voiced his enthusiasm for the transfer, stating that the house is currently gathering the members of the group.

There are “grey areas” in terms of issue, circulation, taxation, and activities with cryptocurrency, according to the high-ranking lawmaker. “All of this needs to be debated, investigated, and governed legislatively and normatively.”

First and foremost, I intend to participate in the group’s work, and second, I am hopeful that we will be able to discover solutions.

With the law “On Digital Financial Assets,” which took effect in January of this year, Russia has only partially regulated cryptocurrencies and related activities. Various questions, such as whether or not cryptos can be used for payments, remain unsolved. The Bank of Russia, which has long resisted bitcoin’s recognition as legal tender, has now recommended introducing legal liability for certain digital asset transactions that it considers illegal, most notably the usage of money surrogates.

Another area that requires attention is cryptocurrency mining. Russia has been a popular destination for crypto miners due to its abundant and inexpensive energy, but the government has yet to regulate the industry.

Mining should be recognized as an entrepreneurial activity and taxed as such, according to an increasing number of politicians in Moscow. Anatoly Aksakov expressed the same sentiment in September.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.