Russian Parliament Units Up Working Group on Cryptocurrency Laws – Regulation Bitcoin Information
A working group on cryptocurrencies and related activities will shortly meet in the State Duma, the lower house of the Russian parliament. Its members are expected to clarify various regulatory issues related to digital financial assets such as legalizing mining and introducing taxation.
Working group in the Russian parliament to close regulatory loopholes in the crypto space
The Russian State Duma is now forming a working group of MPs to deal with open questions about the regulation of decentralized digital currencies. The group will hold its first meetings in the near future, the chairman of the parliamentary financial market committee, Anatoly Aksakov, told RIA Novosti.
The Duma spokesman Vyacheslav Volodin proposed the establishment of the working group on November 11, reported the Russian business news agency Prime. Aksakov expressed his positive attitude towards the move, adding that the house now gathers the members of the group.
Senior lawmakers noted that there were “gray areas” in relation to issuing, circulating, taxing and operating cryptocurrencies. “All of this has to be discussed, analyzed, regulated by law and normative. Hence the decision in my opinion [to create the working group] is correct “, he commented and also explained:
Firstly, I will take part in the work of the group myself and, secondly, I hope that we will find solutions.
So far, Russia has only partially regulated cryptocurrencies and related activities with the Law “On Digital Financial Assets”, which came into force in January of this year. Various questions, for example whether cryptos can be used in payment transactions, remain unanswered. The Bank of Russia, which has consistently opposed the acceptance of Bitcoin as legal tender, recently proposed the introduction of legal liability for certain operations involving digital assets that it deems illegal, particularly for the use of money surrogates.
Cryptocurrency mining is another area that requires attention. With its abundant and cheap energy, Russia has become a major destination for crypto miners, but the government has yet to regulate the sector. More and more officials in Moscow believe that mining should be recognized as a business activity and taxed accordingly. In September, Anatoly Aksakov shared the same opinion.
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What proposals for expanding the Russian regulatory framework for cryptocurrencies do you expect from the working group in the Russian parliament? Let us know in the comments section below.
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