Russian parliament units up working group on cryptocurrency regulation – bitcoin regulation information

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A working group on cryptocurrencies and associated actions will quickly start assembly within the State Duma, the decrease home of the Russian parliament. Its members ought to take duty for clarifying numerous regulatory facets associated to digital monetary belongings such because the legalization of mining and the introduction of taxation.

Russian Parliament Job Drive to Deal with Regulatory Gaps within the Crypto Area

The Russian State Duma is now forming a working group of MPs that can try to handle excellent points concerning the regulation of decentralized digital currencies. The group will maintain its first conferences within the close to future, the chairman of the parliamentary committee on monetary markets, Anatoly Aksakov, advised RIA Novosti.

Duma Chairman Vyacheslav Volodin proposed the creation of a working group on November 11, Russian financial information company Prime reported. Aksakov expressed his constructive angle in direction of the transfer and added that the home now brings collectively the members of the group.

The senior lawmaker identified that there are “grey areas” concerning issuance, circulation, taxation, and transactions with cryptocurrencies. “All of this have to be mentioned, analyzed, regulated in a legislative and normative method. Due to this fact, in my view, the choice [to create the working group] is correct, ”he commented and likewise stated:

Firstly, I’ll take part within the work of the group myself, and secondly, I hope that we will discover options.

Up to now, Russia has solely partially regulated cryptocurrencies and associated actions with the “Digital Monetary Property” legislation, which got here into impact in January this yr. Varied questions, for instance whether or not cryptos can be utilized in funds, stay unanswered. The Financial institution of Russia, which has constantly opposed accepting bitcoin as authorized tender, lately proposed the introduction of authorized legal responsibility for sure transactions with digital belongings that it considers unlawful, together with the usage of financial substitutes.

One other space that wants consideration is cryptocurrency mining. With its considerable and low-cost vitality, Russia has emerged as a serious vacation spot for crypto miners, however the authorities has but to control the sector. A rising variety of officers in Moscow consider that mining needs to be acknowledged as an entrepreneurial exercise and taxed accordingly. In September, Anatoly Aksakov shared the identical opinion.

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What proposals to increase Russia’s regulatory framework for cryptocurrencies do you count on from the Russian parliament’s process power? Inform us within the feedback part beneath.

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