Russian Parliament Sets Up Working Group on Cryptocurrency Regulations

A working group on cryptocurrencies and associated actions will quickly start to fulfill on the State Duma, the decrease home of Russian parliament. Its members are anticipated to tackle the duty of clarifying numerous regulatory features associated to digital monetary belongings such because the legalization of mining and the introduction of taxation.

Working Group in Russian Parliament to Address Regulatory Gaps in Crypto Space

The Russian State Duma is now forming a working group of deputies who will attempt to cope with excellent questions concerning the regulation of decentralized digital currencies. The group will maintain its first conferences within the close to future, the pinnacle of the parliamentary Financial Market Committee, Anatoly Aksakov, revealed to RIA Novosti.

Duma Speaker Vyacheslav Volodin proposed the institution of the working group on Nov. 11, the Russian enterprise information company Prime reported. Aksakov expressed his optimistic perspective in direction of the transfer and added that the home is now gathering the group’s members.

The high-ranking lawmaker remarked that there are “gray areas” pertaining to issuance, circulation, taxation, and operations with cryptocurrencies. “All this must be mentioned, analyzed, legislatively and normatively regulated. Therefore, for my part, the choice [to create the working group] is true,” he commented and in addition acknowledged:

Firstly, I personally will take part within the work of the group, and secondly, I hope that we can discover options.

So far, Russia has solely partially regulated cryptocurrencies and associated actions with the legislation “On Digital Financial Assets,” which went into power in January of this yr. Different questions, for instance whether or not cryptos can be utilized in funds, stay unanswered. Bank of Russia, which has persistently opposed the acceptance of bitcoin as a authorized tender, lately proposed the introduction of authorized legal responsibility for sure operations with digital belongings which it considers unlawful, most notably the usage of money surrogates.

Cryptocurrency mining is one other space that wants consideration. With its considerable and low-cost power, Russia has turn into a significant vacation spot for crypto miners however the authorities is but to control the sector. A rising variety of officers in Moscow imagine mining needs to be recognized as an entrepreneurial exercise and taxed accordingly. In September, Anatoly Aksakov shared the identical opinion.

What proposals to increase Russia’s regulatory framework for cryptocurrencies do you anticipate from the working group on the Russian parliament? Tell us within the feedback part beneath.