- A meeting of members of the State Duma, government officials, and cryptocurrency experts has been held to discuss new legislation intended to regulate the cryptocurrency market in Russia.
- Moscow’s authorities are well aware of the existence and development of the crypto industry, said Gordeev, who is also deputy speaker of the Duma.
- The industry has yet to adopt proper regulations, according to Gordeev.
- In spite of the law “On Digital Financial Assets” going into effect in January, a number of related activities and aspects remain outside its scope.
State Duma members, government officials, and cryptocurrency experts have met to discuss and propose new legislation intended to regulate cryptocurrency circulation in Russia, Alexey Gordeev, the head of the working group, told the media. Gordeev, who is also deputy speaker of the Duma, said Moscow’s authorities are well aware of the crypto industry’s existence and development. However, he noted that proper regulations for the industry have yet to be adopted.
A number of related activities and aspects including crypto trading and taxation remain outside its scope, even though the law “On Digital Financial Assets” went into effect in January.
Alexey Gordeev believes that regulations should provide definitions of terms like ‘cryptocurrency’ and ‘mining’, as they are lacking in current Russian legislation. Even though digital currencies like bitcoin are not legal tender in Russia, citizens are allowed to own and transfer them.
During the working group’s first meeting on Tuesday, Gordeev revealed that representatives from the Bank of Russia, relevant ministries, and other departments took part. During the month of February, they will take on the task of preparing legislative regulations, according to the Russian business news portal Prime.
Additionally, lawmakers are expected to examine a report in which the central bank outlines its views on the outstanding questions. Despite the tough stance taken by the monetary authority, cryptocurrencies continue to be used in payments and are referred to as “money surrogates.”. Deputy Chairman Vladimir Chistyukhin told reporters this week that cryptocurrencies do not have a place on the Russian financial market.
Nikolai Zhuravlev, the deputy chairman of the Federation Council, announced earlier in December that the upper house of parliament was forming a working group on crypto regulations. The group will be made up of senators, representatives of the Finance Ministry, the Ministry of Economic Development, the Ministry of Digital Development, Rosfinmonitoring, Russia’s financial watchdog, the Federal Tax Service, the Bank of Russia, and the Russian law enforcement agencies.