Home
News
- Crypto regulations forming group has been established by the Russian Federation Council
- The working body of experts will take on the task of developing additional ordinance for the nation’s growing crypto ecosystem
- The use of digital assets as a means of payment are prohibited, but halting other operations related crypto are still a debatable
Crypto regulations are significant and also concerning for many. However, as governments globally are scrutinizing the cryptocurrency industry, experts deem that such directives need to be comprehensive, consistent, and coordinated. In recent developments, The Federation Council of the Russian legislature has been found forming a working group. Notably the group is expected to propose such a comprehensive decree for virtual currencies.
Moreover, the announcement has revealed that the group will be consisting of officials from several ministries and government agencies alongwith, members of the nation’s expanding digital assets industry.
Preparation of new crypto regulations in Russia
Russia’s Federation Council is the upper house of the nation’s parliament. In the current scenario it is working on to set up a working body of experts that will take on the task of developing additional ordinance for the nation’s growing crypto ecosystem.
Indeed, such assets are now only partially regulated through the law “On Digital Financial Assets”. And Russians officials have recognized the need to adopt more directives to cover various aspects such as circulation and taxation.
Whom would the body comprise of?
The established body will comprise representatives of the Ministry of Finance, Ministry of Economic Development, Russia’s financial watchdog, Rosfinmonitoring, the Federal Tax Service, the Ministry of Digital Development, and other law enforcement agencies. Nikolai Zhuravlev, the Deputy of the organization has also announced at the Finopolis 2021 forum that the members of the digital crypto industry will also be invited to join the body.
Should Russia ban operations with cryptocurrency?
During Zhuravlev’s participation at the event devoted to innovative financial technologies, he underscored that the use of digital assets as a means of payment are prohibited in russia. Later Zhurablev also highlighted that prohibiting other operations related to such assets are still a debatable and difficult to answer question.
Following an earlier statement by Yelena Perminova, the First Deputy Chairman of the Federation Council’s Committee on Budget and Financial Markets, the legislative body is currently analyzing the presence of crypto in the Russian financial market. Moreover, Perminova also had mentioned that the chamber intends to seriously address the issue.
Later in late last month, the State Duma, the lower house of the nation’s Federal Assembly revealed that it is establishing a working body of lawmakers. This body will be trying to answer outstanding questions pertaining to the regulation of decentralized crypto assets in the Russian Federation. At the time, Anatoly Aksakov, the head of the parliamentary Financial Market Committee announced that the group would hold its first gathering in the near-future. Indeed, its members would try to clarify crypto-related matters that include legalization of digital currency mining and the introduction of taxation for digital currency holdings and profits.
