Federation Council of the Russian Federation will create a working group on cryptocurrency regulation

The next step in tightening Russia’s policy towards cryptocurrencies will be the creation of a working group inFederation Council.

The group proposes to unite representativesthe main departments under the jurisdiction of which cryptocurrency transactions fall. In addition to the relevant ministries, representatives of the central bank, the Federal Tax Service and law enforcement agencies will work on the legality of cryptocurrency circulation in the country.

Earlier, some departments have already announced "serious risks of the crypto market." The Federal Tax Service is studying ways to eliminate possible risks from the standpoint of taxation of citizens and businesses.

The Central Bank of the Russian Federation plans to introduce strict liability for the illegal use of digital assets and taxes for all cryptocurrency transactions.

The Prosecutor General's Office proposed to recognize the cryptocurrency as property, which will allow it to be included in production under the Criminal Code of the Russian Federation.

The State Duma is preparing to discuss the taxation of cryptocurrencies and is creating a working group on mining.

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