The Federation Council of Russia will form a working group on cryptocurrency regulations.

The Federation Council of the Russian legislative body is creating a working group that will develop comprehensive cryptocurrency rules. This body will include representatives of several ministries and government organizations, as well as representatives of the developing crypto business in the country. Source: Teller Report.

The Federation Council is forming a working group of specialists to develop further legislation for the growing crypto sector in Russia. Cryptocurrencies are currently only partially regulated under the Digital Financial Assets Law, and officials have noted the need for additional laws to regulate various elements such as circulation and taxes.

In addition to the deputies, the committee will include representatives of the Ministry of Finance, the Ministry of Economic Development, Rosfinmonitoring, financial supervision of Russia, the Ministry of Digital Development, the Federal Tax Service, the Bank of Russia and law enforcement agencies. According to Forklog, Deputy Chairman of the Federation Council Nikolai Zhuravlev during the Finopolis 2021 meeting indicated that representatives of the cryptocurrency business would also be invited.

According to a previous comment by Elena Perminova, First Deputy Chair of the Federation Council Committee on Budget and Financial Markets, the house is now studying the availability of cryptocurrencies in the Russian financial market. Perminova said last month that the chamber intends to “get serious about this issue.”

Source: intellinews

The State Duma, the lower house of Russia’s Federal Assembly, announced in late November that it is also setting up a working group of parliamentarians to try to address the remaining problems related to the regulation of decentralized digital currencies in the Russian Federation.

Anatoly Aksakov, chairman of the legislative committee on financial markets, said at the time that the committee would soon hold its first discussions. Its members will work to clarify cryptocurrency-related issues such as the legality of mining and the introduction of taxation of crypto assets and income.