Working group meets to prepare regulations for cryptocurrencies - regulation

A crypto working group held its first session in the Russian parliament. Its members were commissioned to submit legislative proposals for the comprehensive regulation of cryptocurrencies and related matters in the Russian Federation.

working group gathers in the state duma to design crypto regulations

Legislators, government representatives and experts met in the lower house of the federal assembly of Russia StaatsTuma the head of the working group, Alexey Gordeev, announced the media.

Gordeev, who is also a deputy spokesman for the Duma, noticed that the authorities in Moscow were well aware of the existence and development of the crypto industry in the country. However, he pointed out that no corresponding regulations have to be introduced for the sector.

While cryptocurrencies were partially regulated with the law that came into force in January "through digital financial investments", a number of related activities and aspects remained outside of its scope, including the crypto and taxation.

In current Russian legislation, definitions of terms such as "cryptocurrency" and "mining" are lacking, and Alexey Gordeev believes that they have to be provided. While Russia rejects digital currencies such as Bitcoin as a legal means of payment, the Law of Russian citizens does not expressly prohibit the possession and transfer of these assets.

Gordeev announced that representatives of the Bank of Russia, relevant ministries and other departments took part in the first meeting on Tuesday. The talks between them will continue in February if they take over the task of developing proposals for legal regulation, reported the Russian business news portal Prime.

The legislature also expects it to check a report in which the central bank explains its views on the still open questions in detail. The currency authority has consistently maintained a hard attitude towards cryptocurrencies opposite their use in payments and calls Gelder replacement . "We see no space for cryptocurrency on the Russian financial market", deputy chairman Vladimir Chistyukhin told Reporter this week.

At the beginning of December Deputy Chairman of the Föderationsrat nikolai zhuravlev announced that Parliament's upper house forms its own working group on crypto regulations. In addition to senators, representatives of the Ministry of Finance, the Ministry of Economic Development and the Ministry of Digital Development as well as Rosfinmonitoring, Russia's financial regulator, the federal tax service, the Bank of Russia and law enforcement authorities will be.

Do you expect Russia to be issued for cryptocurrencies soon? Tell us in the comment area below.

lubomir Taskensev

lubomir Taskersev is a technically experienced journalist from Eastern Europe, who likes Hitchens' quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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