Working Group convenes to set the crypto regulations for use in Russia https://ift.tt/32utZtR

TL;DR Breakdown

• A crypto working group has had its first sitting in the Russian parliament.
• The working group will discuss the proposals that seek to regulate cryptos and blockchain technology in Russia.

Government officials and technology experts have convened at the parliament of Russia, the State Duma, to discuss crypto regulation. The working group will discuss the current proposals on regulating circulating cryptos and developing newer ones.

Alexey Gordeev gave this report earlier today to the media. Gordeev is the chair of the working group that is currently discussing the regulation of cryptos in the country.

Working Group convenes at the State Duma to prepare crypto regulations

Per Alexey Gordeev, the chair of the working group and the Deputy Speaker of the State Duma, the Russian authorities are aware of crypto trades. He said that even though the government knows about these assets, no proper regulations have been set to govern them. He also noted that the law introduced in January on digital assets left many aspects of the crypto sphere unattended.

Gordon said that the current law lacks in covering significant terms like cryptocurrency, mining, and other technical words. These words need to be covered too. He expressed that Russia does not endorse cryptos as legal tender but does not deter anyone from trading or owning them.

He added that some officials from the Bank of Russia and some ministries met on Tuesday regarding the same issue. He continued that this committee will reconvene in February to finalize the proposals. The Lawmakers present in the State Duma will also review the report from the Central Bank and question it keenly.

Even though the Russian government beginning with president Vladimir Putin is not opposing cryptos, the monetary authority is contradictory. This organization has been opposing the use of cryptocurrency in Russia by referring to it as a money surrogate. Per the Deputy Chairman of the Authority, they do not view cryptocurrency as a future player in the country’s financial landscape. Earlier this month, the Deputy Chairman of the Federation Council said that the upper house of the Russian parliament was already drafting its proposals for crypto regulation.

The cases of crypto regulation increase as the year conclude

Crypto adoption has been on the rise recently. This rise has attracted bad players into this game since cryptocurrencies are anonymous, and not many authorities can follow their transactions fully. As a result, the governments are figuring out the best ways to improve their scope on these assets.

Russia is not the only country that is handling crypto regulation drafts currently. The US SEC is jointly preparing crypto regulations with the Treasury to present to Congress after they are ready. This super economy is also continually accepting trading of the right spin-off products of cryptocurrencies to their market.

Singapore is another country that is figuring out how to regulate cryptos. Recently, a report from Cryptopolitan said that over 100 companies looking to get licenses to operate in this country missed out. These developments show that the era of unregulated crypto trades may be nearing its end.