Russian Parliament Sets Up Working Group to Develop Crypto Regulatory Framework

Updated:

The Federation Council (Soviet Federatsii), the upper House of the Russian Parliament, recently announced the formation of a working group of experts mandated with developing a regulatory framework for the cryptocurrency space in Russia.

Currently, cryptocurrencies are partially regulated under the “On Digital Financial Assets” law, as authorities deem it necessary to implement more rules to govern various sections relating to crypto, including circulation and taxation.

Along with members of the parliament, the working group will comprise representatives from the Ministry of Finance, Ministry of Economic Development, the Ministry of Digital Development, the Federal Tax Service, Bank of Russia, Rosfinmonitoring (Russia’s financial watchdog), and other law enforcement agencies. The Deputy Chairman of the Federation Council, Nikolai Zhuravlev, revealed at the Finopolis 2021 forum that representatives of the cryptocurrency industry will also make up the group.

That said, Zhuravlev clarified, at the event, that the use of crypto as a payment tool remains illegal in Russia. However, the Director noted that deciding whether other operations involving digital assets should get banned is a volatile topic.

Commenting on the matter, the First Deputy Chairman of the Federation Council’s Committee on Budget and Financial Markets, Elena Perminova, noted, in a statement, that the house is evaluating the crypto industry in Russia and its impact on the financial market. She also stated that the parliament plans to “seriously address this issue.”

Russian Assembly Sets Another Working Group to Handle Regulatory Inquiries

Late last month, the lower house of Russia’s Federal Assembly (the State Duma) announced that it has plans on creating a working group of lawmakers to attempt answering pressing questions concerning the regulation of the crypto industry in Russia.

The head of the parliamentary Financial Market Committee, Anatoly Aksakov, noted, at the time, that the group should hold its first meeting soon. Members of the State Duma’s working group will provide clarity on crypto-related matters, including the legislation of mining and crypto taxation.

 

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.