The Federal Council of the Russian legislature is forming a working group that is expected to propose comprehensive cryptocurrency regulations. Officials from multiple ministries and government agencies, as well as members of the country’s expanding crypto industry, will join the agency.

Federal Council sets new regulations for Russian cryptocurrency

The Federation Committee of the Upper House of the Russian Parliament is establishing a working group of experts to develop additional regulations for Russia’s growing crypto space. Cryptocurrency is now only partially regulated through the “digital financial assets” law, and officials have realized that more rules are needed to cover various aspects such as circulation and taxation.

In addition to legislators, the team will also include representatives from the Ministry of Finance, the Ministry of Economic Development, the Russian Financial Regulatory Agency, Rosfinmonitoring, the Ministry of Digital Development, the Federal Taxation Service, the Bank of Russia, and law enforcement agencies. Nikolai Zhuravlev, vice chairman of the Federal Council, cites Forklog Announce exist Finopolis 2021 Members of the cryptocurrency industry will also be invited to the forum.

During his participation in innovative financial technology activities, Zhulavlev stated that Russia prohibits the use of cryptocurrency as a means of payment. But then he also commented that whether other operations using digital currencies should be prohibited is a difficult and debatable question.

According to an earlier statement by Elena Perminova, First Deputy Chairman of the Federal Council’s Budget and Financial Market Committee, the company is currently analyzing the existence of cryptocurrencies in the Russian financial market. Peminova said last month that the Chamber of Commerce intends to “seriously solve this problem.”

In late November, the Lower House of the Parliament of the Russian Federation State Duma, Revealed that it has also established a working group of legislators who will try to answer outstanding questions about the regulation of decentralized digital currency in the Russian Federation.

The group will hold its first meeting in the near future. Anatoly Aksakov, Chairman of the Parliament’s Financial Market Committee Announce then. Its members will try to clarify issues related to crypto, such as the legalization of mining and taxation of crypto assets and profits.

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