Russian parliament sets up working group on cryptocurrency regulation – bitcoin regulation news

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A working group on cryptocurrencies and related activities will soon begin meeting in the State Duma, the lower house of the Russian parliament. Its members should take responsibility for clarifying various regulatory aspects related to digital financial assets such as the legalization of mining and the introduction of taxation.

Russian Parliament Task Force to Address Regulatory Gaps in the Crypto Space

The Russian State Duma is currently forming a working group of MPs that will attempt to address outstanding issues regarding the regulation of decentralized digital currencies. The group will hold its first meetings in the near future, the chairman of the parliamentary committee on financial markets, Anatoly Aksakov, told RIA Novosti.

Duma Chairman Vyacheslav Volodin proposed the creation of a working group on November 11, Russian economic news agency Prime reported. Aksakov expressed his positive attitude towards the move and added that the house now brings together the members of the group.

The senior lawmaker pointed out that there are “gray areas” regarding issuance, circulation, taxation, and transactions with cryptocurrencies. “All of this must be discussed, analyzed, regulated in a legislative and normative manner. Therefore, in my opinion, the decision [to create the working group] is right, ”he commented and also said:

Firstly, I will participate in the work of the group myself, and secondly, I hope that we can find solutions.

So far, Russia has only partially regulated cryptocurrencies and related activities with the “Digital Financial Assets” law, which came into effect in January this year. Various questions, for example whether cryptos can be used in payments, remain unanswered. The Bank of Russia, which has consistently opposed accepting bitcoin as legal tender, recently proposed the introduction of legal liability for certain transactions with digital assets that it considers illegal, including the use of monetary substitutes.

Another area that needs attention is cryptocurrency mining. With its abundant and cheap energy, Russia has emerged as a major destination for crypto miners, but the government has yet to regulate the sector. A growing number of officials in Moscow believe that mining should be recognized as an entrepreneurial activity and taxed accordingly. In September, Anatoly Aksakov shared the same opinion.

Keywords in this story Anatoly Aksakov, Bitcoin, Bitcoin payments, Circulation, Coins, Crypto, crypto mining, crypto payments, Cryptocurrencies, Cryptocurrency, deputies, Duma, financial market, issue, lawmakers, legal tender , means of payment, mining, operations, parliament, Payments, Rules, Regulations, Russia, Russian, Russian Federation, State Duma, Taxation, working group

What proposals to extend Russia’s regulatory framework for cryptocurrencies do you expect from the Russian parliament’s task force? Tell us in the comments section below.

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