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Crypto regulation is what currently the world lacks, and many believe that such regulations would drive the adoption of these assets. Several nations are scrutinizing the crypto ecosystem and trying to figure out the benefits or harm that the industry brings. SImultaneously, a cryptocurrency working group has held its first meeting at the Russian parliament. The members of the group have been tasked to put forward legislative proposals designed to regulate the digital currency ecosystem and related matters in the Russian Federation.
Working group gathers at Russian State Duma
The Russian lawmakers, government officials, and experts have met at the lower house of the State Duma. in the Federal Assembly of Russia, the members are discussing and proposing new legislation that aims at regulating the circulation of crypto in the nation. Notably, the announcement about the work was made by Alexey Gordeev, the head of the working group.
According to Gordeev, the authorities in Moscow are well aware of the existence and the development of the digital ecosystem. Moreover, he noted that proper regulations for the sector are yet to be introduced.
Crypto regulation for trading and taxation
Russia has enforced the On Digital Financial Assets law in January. Cryptocurrency industry in the nation was partially being regulated under the law only. However, a range of related activities and aspects including trading and taxation are still outside of the law’s scope.
In the current legislation, there is no definition for the terms cryptocurrency and mining. Gordeev believes that these definitions are necessary to be provided. Indeed, mainly when the nation is rejecting digital currencies like BTC as a legal tender, the law does not explicitly prohibit the residents from owning and transferring these assets.
Who is in the crypto’s working group?
According to the announcement made by Gordeev, it is revealed that the working group comprises representatives of the Bank of Russia, relevant ministries, and other departments.
The first meeting was held on Tuesday, and the members will continue in February when they will take on the task to prepare proposals for legislative regulation. Furthermore, the Russian policy makers are also expected to review a report in which the central bank will present its view on the outstanding questions in detail.
