- Oct 25, 2021
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Working Group in Russian Parliament to Address Regulatory Gaps in Crypto Space
Duma Speaker Vyacheslav Volodin proposed the establishment of the working group on Nov. 11, the Russian business news agency Prime reported. Aksakov expressed his positive attitude towards the move and added that the house is now gathering the group’s members.
The high-ranking lawmaker remarked that there are “grey areas” pertaining to issuance, circulation, taxation, and operations with cryptocurrencies. “All this needs to be discussed, analyzed, legislatively and normatively regulated. Therefore, in my opinion, the decision [to create the working group] is right,” he commented and also stated:
Firstly, I myself will participate in the work of the group, and secondly, I hope that we will be able to find solutions.
So far, Russia has only partially regulated cryptocurrencies and related activities with the law “On Digital Financial Assets,” which went into force in January of this year. Different questions, for example whether cryptos can be used in payments, remain unanswered. Bank of Russia, which has consistently
Cryptocurrency mining is another area that needs attention. With its abundant and cheap energy,
What proposals to expand Russia’s regulatory framework for cryptocurrencies do you expect from the working group at the Russian parliament? Tell us in the comments section below.