Russia's Federation Council sets up a working group on crypto regulations - regulation

The Federation Council of the Russian legislative forms a working group that is intended to propose comprehensive regulations for cryptocurrencies. Officials of several ministries and government agencies as well as members of the expanding crypto industry in the country will join the committee.

Federation Council prepares new regulations for cryptocurrencies in Russia

The Federation Council, the upper house of the Russian Parliament, sets up a group of experts that should take on the task of developing additional regulations for Russia's growing crypto space. Cryptocurrencies are now only partially regulated by the law "via digital financial investments", and civil servants have recognized the need to issue more rules to cover different aspects such as circulation and taxation.

In addition to the legislator, the group will include representatives of the Ministry of Finance, the Ministry of Economic Development, the Russian financial supervision of Rosfinmonitoring, the Ministry of Digital Development, the Federation of Tax Service, the Bank of Russia and the law enforcement authorities. Quoted by Forklog, the deputy chairman of the Federation Council Nikolai Zhuravlev announced at the Finopolis 2021 forum, to which members of the cryptocurrency industry are also invited.

During his participation in the event on innovative financial technologies, Zhuravlev noticed that the use of cryptocurrency is prohibited as a means of payment in Russia. But then he also commented that it was a difficult and controversial question whether other operations should be banned with digital coins.

According to an earlier statement by the first deputy chairman of the Committee on Household and Financial Markets of the Federation Council, Elena Perminova, the house is currently analyzing the presence of cryptocurrencies on the Russian financial market. Perminova said last month that the chamber intended to "go to this problem seriously".

At the end of November, the lower house of the Russian federal assembly, the Staatsduma announced that it also forms a working group of legislators that will also try to regulate decentralized digital currencies in the Russian Federation to answer.

The group will hold its first meetings in the near future, the chairman of the parliamentary financial market committee Anatoly Aksakov announced back then. Its members will try to clarify crypto -related questions such as the legalization of mining and the introduction of taxation of crypto stands.

Do you expect Russia to regulate cryptocurrencies and associated business activities comprehensively? Share your thoughts on this topic in the comments below.

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