The Federation Council of Russia will form a working group on cryptocurrency regulations.

The Russian legislature’s Federation Council is organizing a taskforce that will draft comprehensive cryptocurrency rules. Members of the body will include representatives from several ministries and government organizations, as well as members of the country’s burgeoning crypto business.

The Federation Council is forming a working team of specialists to devise further legislation for Russia’s burgeoning crypto sector. Cryptocurrencies are presently only partially regulated under the statute “On Digital Financial Assets,” and officials have noted the requirement for further laws to address diverse elements such as circulation and taxes.

Aside from MPs, the committee will include officials from the Ministry of Finance, the Ministry of Economic Development, Rosfinmonitoring, Russia’s financial watchdog, the Ministry of Digital Development, the Federal Tax Service, the Bank of Russia, and law enforcement agencies. According to Forklog, Nikolai Zhuravlev, Deputy Chairman of the Federation Council, indicated during the Finopolis 2021 meeting that representatives of the cryptocurrency business will also be invited.

According to a previous remark by Elena Perminova, First Deputy Chairman of the Federation Council’s Committee on Budget and Financial Markets, the house is now studying the existence of cryptocurrencies in the Russian financial market. Last month, Perminova stated that the chamber intended to “seriously address this issue.”

The State Duma, Russia’s lower house of the Federal Assembly, stated in late November that it is also establishing a working group of parliamentarians to attempt to resolve remaining problems about the regulation of decentralized digital currencies in the Russian Federation.

Anatoly Aksakov, the chairman of the legislative Financial Market Committee, stated at the time that the committee will conduct its first discussions soon. Its members will work to clarify crypto-related issues such as mining legality and the implementation of taxation on crypto assets and earnings.

Patrick

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