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Working Group Meets to Prepare Regulations for Cryptocurrencies in Russia – Regulation Bitcoin News

A crypto working group has held its first assembly at Russia’s parliament. Its members have been tasked to put ahead legislative proposals designed to comprehensively regulate cryptocurrencies and associated issues in the Russian Federation.

Working Group Gathers at State Duma to Draft Crypto Regulations

Lawmakers, authorities officers, and consultants have met on the decrease home of the Federal Assembly of Russia, the State Duma, to talk about and suggest new laws aimed toward regulating the circulation of cryptocurrencies in the nation, the pinnacle of the working group, Alexey Gordeev, introduced to the media.

Gordeev, who can be deputy speaker of the Duma, remarked that authorities in Moscow are properly conscious of the existence and the event of the crypto business in the nation. He famous, nevertheless, that correct laws for the sector are but to be launched.

While cryptocurrencies had been partially regulated with the regulation “On Digital Financial Assets” which went into power in January, a spread of associated actions and features remained exterior its scope, together with crypto buying and selling and taxation.

Current Russian laws lacks definitions of phrases like ‘cryptocurrency’ and ‘mining’, and Alexey Gordeev believes these have to be offered. While Russia rejects digital currencies like bitcoin as a authorized tender, the regulation doesn’t explicitly prohibit Russian residents from proudly owning and transferring these belongings.

Gordeev revealed that representatives of the Bank of Russia, related ministries, and different departments took half in the working group’s first assembly on Tuesday. Discussions between them will proceed in February when they are going to tackle the duty to put together proposals for legislative regulation, the Russian enterprise information portal Prime reported.

The lawmakers are additionally anticipated to evaluate a report in which the central financial institution will current its views on the excellent questions in element. The financial authority has maintained a hardline stance on cryptocurrencies, constantly opposing their use in funds and calling them cash surrogates. “We don’t see a place for cryptocurrency in the Russian financial market,” Deputy Chairman Vladimir Chistyukhin informed reporters this week.

Earlier in December, Deputy Chairman of the Federation Council Nikolai Zhuravlev introduced that the higher home of parliament is forming its personal working group on crypto laws. Besides senators, it should comprise representatives of the Ministry of Finance, Ministry of Economic Development, and Ministry of Digital Development in addition to Rosfinmonitoring, Russia’s monetary watchdog, the Federal Tax Service, Bank of Russia, and regulation enforcement businesses.

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Crypto, Cryptocurrencies, Cryptocurrency, Law, lawmakers, authorized tender, Legislation, decrease home, mining, parliament, Payments, Regulation, Regulations, Russia, russian, Senators, State Duma, Taxation, buying and selling, working group

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

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