Russia’s Federation Council will set up a working group to look into how to regulate crypto.
The Russian Federation Council (a legislative body similar to the U.S. Congress) has decided to set up a working group on the country’s crypto regulations. This decision was made to provide legal clarity for the crypto market and prevent cryptocurrency-related crimes.
Members of the group will include representatives from several ministries and government organisations and representatives from the country’s rapidly rising cryptocurrency business.
The working group will be specifically tasked with reviewing cryptocurrencies, their regulation, and their effects on Russia’s economy and financial system. They will also look into whether or not regulations should be imposed on these types of digital currencies.
A New Cryptocurrency Law in Russia is in the Works
A group of experts is being set up by the Federation Council, the upper house of the Russian parliament. They will be in charge of new rules for Russia’s growing crypto space. They are only partially regulated by the law on digital financial assets, but officials say they need to make more rules to cover how they move and pay taxes.
The committee will include officials from the Ministry of Finance, the Ministry of Economic Development, Rosfinmonitoring, the Ministry of Digital Development, the Federal Tax Service, the Bank of Russia, law enforcement agencies, and parliamentarians.
According to Zhuravlev, who was speaking at a conference dedicated to new financial technology, Russian cryptocurrency exchanges are not permitted to accept cryptocurrencies as a form of payment. However, he went on to say that whether or not additional activities using digital money should be prohibited is a challenging and debatable subject to answer.
Earlier statements by Elena Perminova, the First Deputy Chairman of the Committee on Budget and Financial Markets of the Federation Council, indicated that her committee was looking into the possibility of cryptocurrencies entering the Russian financial system. Perminova said that the chamber wants to take this matter seriously.