Russia to Form Working Group on New Cryptocurrency Regulations

Russian Federation council is setting up a working group anticipated to recommend compressive regulations for digital coins. The body will comprise members from the nation’s growing crypto industry, officials from different government agencies and ministries.

Federation Council to Work on New Crypto Regulations in Russia

Russian parliament’s upper house, the Federation Council, forms a working group. It comprises experts to handle the task of introducing more regulations for Russia’s expanding cryptocurrency space. For now, the Digital Financial Asset law partially regulates cryptocurrencies. Meanwhile, lawmakers saw the need to implement additional rules to cover different aspects like taxation and circulation.

Apart from lawmakers, the new group will include representatives from the Economic Development Ministry, Finance Ministry, the nation’s financial watchdog, Rosfinmonitoring, law enforcement agencies, Bank of Russia, the Fed Tax Services, and Digital Development Ministry. Forklog quoted Federation Council’s deputy Chair Nikolai Zhuravled, saying that the Finopolis forum 2021 will invite crypto industry members.

While participating in the event geared towards advanced financial technologies, Zhuravlev said that Russia prohibits crypto usage as a mode of payment. He further revealed that whether the country will ban other crypto operations remains debatable.

An earlier announcement by the first deputy chair Elena Perminova revealed the house analyzes crypto presence in the Russian capital markets. Perminova stated that the chamber wants to address the issue. In November, the Russia Federal Assembly lower house, State Duma, declared forming a group comprising lawmakers to resolve outstanding questions relating to decentralized crypto regulation in Russia.

The group plans the first meeting soon. The announcement by Anatoly Aksakov, the Financial Market Committee head, highlighted that. The members will clarify cryptocurrency-related issues, including mining legalization and crypto profits and holdings taxation.

Meanwhile, different jurisdictions have worked on crypto regulations recently. India is among the nations waiting for the final crypto bill. Though some experts remain skeptical about crypto, authorities want to regulate the space. That is to avoid cases like money laundering and customer manipulation.

Will Russia ensure a comprehensive approach to regulating digital coins and related activities? You can use the comment section below to share your views.

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