The upper house of the Russian parliament, the Federation Council (the equivalent of the US Senate), is stepping up its crypto regulatory efforts – and is keen to get involved in creating new laws relating to the industry.
As reported, last month council members hinted that crypto would not be shut out of the Russian economy and claimed that crypto could “have a future” in the country, adding that the upper house “is studying [crypto], and collect analyzes âon the tokens.
But the board will now double that feeling – by form a “working group” with other actors who “will develop the further regulation” of the crypto.
Speaking at the Finopolis Forum on âInnovative Financial Technologies,â Federation Council Vice-Chairman Nikolai Zhuravlev announced that the new group will include representatives from various government bodies, including the Ministry of Finance, the Ministry of Economic Development, the anti-money laundering regulator Federal Financial Supervisory Service (Rosfinmonitoring), the tax authorities, law enforcement agencies, parliament, central bank and – perhaps crucially – the national crypto industry.
The group hopes to do what its many predecessors have so far failed to do: navigate the deadlock between pro-business forces in the government and voices calling for a complete Chinese-style ban on anything related to cryptography.
Zhuravlev explained that more restrictions could follow after Moscow banned the use of crypto in payments about a year ago.
âWe have already introduced a ban on [cryptoâs] use as a payment method. But as for the question of creating a ban on other transactions involving cryptocurrencies: this is a difficult and more debatable question. “
But some speakers at the same event called for a more gradual approach.
Maxim Bashkatov, Head of the Legal Development Department of the Foundation of the Strategic Research Center, during the Finopolis Forum on Innovative Financial Technologies, warned:
âCurrently, it is not clear whether [draft laws] would be applicable to a situation where a Russian citizen or legal person issues a token abroad but [disributed] them in Russia.
Bashkatov added that a lack of clarity surrounded a number of points in attempts by lawmakers to create bills to regulate the sector.
However, any effort to create a business-friendly regulatory environment for the crypto industry will surely meet resistance from the staunchly skeptical central bank.
Earlier this week, the bank issued a press release, in which it warned that regulated financial institutions should stay away from “services related to transactions with crypto assets and [crypto] derivatives âbecause theyâ do not meet the interests of investors in the financial market âandâ involve great risks â.
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