Russian Federation Council to Create Crypto Regulations Working Group – Bitcoin Regulation News

The Federation Council of the Russian Legislature forms a working group that is expected to come up with comprehensive regulations for cryptocurrencies. Officials from several government departments and agencies, as well as members of the country’s growing crypto industry, will join the organization.

Federation Council to prepare new regulations for cryptocurrencies in Russia

The Federation Council, the upper house of Russia’s parliament, is setting up an expert working group to develop additional regulations for Russia’s growing crypto space. Cryptocurrencies are now only partially regulated by the “digital financial assets” law, and officials have recognized the need to adopt more rules to cover various aspects such as circulation and taxation.

In addition to lawmakers, the group will include representatives from the Ministry of Finance, Ministry of Economic Development, Russia’s Financial Supervisory Body, Rosfinmonitoring, Ministry of Digital Development, Federal Tax Service, Bank of Russia and the police. Quoted by Forklog, Federation Council Deputy Chairman Nikolai Zhuravlev announcement to Finopolis 2021 forum to which members of the cryptocurrency industry will also be invited.

During his participation in the event dedicated to innovative financial technologies, Zhuravlev pointed out that the use of cryptocurrency as a means of payment is prohibited in Russia. But then he also commented that banning other operations with digital coins is a difficult and debatable issue.

According to an earlier statement by the first vice-chair of the Federation Council’s Budget and Financial Markets Committee, Elena Perminova, the house is currently analyzing the presence of cryptocurrencies in the Russian financial market. Perminova said last month that the chamber intends to “seriously tackle this problem.”

At the end of November, the lower house of the Federal Assembly of Russia, the State Duma, revealed that it is also forming a working group of lawmakers that will attempt to answer outstanding questions regarding the regulation of decentralized digital currencies in the Russian Federation.

The group will hold its first meetings in the near future, announced at the time the chairman of the parliamentary committee on financial markets, Anatoly Aksakov. Its members will attempt to clarify crypto-related issues such as the legalization of mining and the introduction of taxation of crypto assets and profits.

Tags in this story

President, Crypto, Crypto-currencies, Cryptocurrency, deputies, vice-president, Federal Assembly, Federation Council, Group, Chamber, legislators, lower house, members, Nikolai Zhuravlev, parliament, Regulations, Representatives, Russia, Russian, Russian Federation, State Duma, superior house, working group

Do you expect Russia to comprehensively regulate cryptocurrencies and related business activities? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

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

Image credits: Shutterstock, Pixabay, Wiki Commons

Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.