- The absence in the legislation of a clear definition of such concepts as “cryptocurrency” and “mining” disorients companies and citizens.
- The Prosecutor General’s Office of Russia has proposed changes to a number of regulatory legal acts that will make it possible to recognize the turnover of cryptocurrency.
- Earlier, on December 3, it was reported that the provision of services related to crypto-assets by financial organizations does not meet the interests of investors and carries great risks.
The absence in the legislation of a clear definition of such concepts as “cryptocurrency” and “mining” disorients companies and citizens, it is necessary to start forming a conceptual apparatus, said the vice-speaker of the State Duma United Russia Alexei Gordeev. His words are quoted by his press service.
“Let’s describe the phenomenon in detail. Because some representatives say“ cryptocurrency ”, and then make a reservation:“ Actually, this is not a currency. ”Since there are no clear definitions in the law on CFA (digital financial assets – IF). paradox. And this is also the disorientation of our citizens and legal entities. The first stage is to work on the conceptual apparatus, “Gordeev said following the results of the first meeting of the working group on legislative regulation of cryptocurrencies.
Why adding “Cryptocurrency” is necessary for laws
Gordeev also recalled that cryptocurrencies are not recognized as a means of payment on the territory of Russia, while the legislation does not directly prohibit Russian citizens to own them or conduct transactions with them.
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The formation of the conceptual apparatus will be dealt with by an expert council under the working group. The next stage of discussion in order to develop proposals for the legislative regulation of the circulation of cryptocurrencies will take place in February 2022.
The Prosecutor General’s Office of Russia has proposed changes to a number of regulatory legal acts that will make it possible to recognize the turnover of cryptocurrency as a subject of a crime that can be arrested and confiscated, Krasnov said in an interview.
Earlier, on December 3, it was reported that the provision of services related to crypto-assets by financial organizations does not meet the interests of investors and carries great risks.
On November 30, Russian President Vladimir Putin said that the risks of cryptocurrencies are very high due to their high volatility.
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On September 7, presidential press secretary Dmitry Peskov noted that Russia is not ready for the recognition of the bitcoin cryptocurrency , since there is no reason for this. According to him, equating this cryptocurrency with money can only harm the financial and economic systems.
In July 2020, Putin signed into law a law regulating digital financial assets (DFA) and cryptocurrencies. According to the document, from 2021, the country is allowed to conduct transactions with CFA, cryptocurrencies can be pledged, purchase and sale transactions, exchange of one type of CFA for another. It is prohibited to use them as a means of payment.
In July 2020, Putin signed into law a law regulating digital financial assets (DFA) and cryptocurrencies. According to the document, from 2021, the country is allowed to conduct transactions with CFA, cryptocurrencies can be pledged, purchase and sale transactions, exchange of one type of CFA for another. It is prohibited to use them as a means of payment.
The need to give a clearer legislative definition of the terms that are now used in the cryptoindustry and decentralized finance (DeFi) system was previously announced by the head of the Duma Committee on the Financial Market Anatoly Aksakov , as well as representatives of the Central Bank, the Ministry of Finance, and market representatives.
On December 16, Aksakov noted that the authorities are now discussing two diametrically opposite approaches to the regulation of cryptocurrencies – from a complete ban to the legalization of exchanges.