In the? Russia has set up a committee to help regulate cryptocurrencies
The Committee on digital financial assets will be created in Russia
Russia will create a Committee for the development of crypto business in the country
Vladimir Putin calls for creating all conditions for the development of digital business in the country
Blockchain companies are leaving Russia due to strict regulation
The Council of the Digital Economy Development Fund created the Committee on Digital Financial Assets and Digital Currency with the aim of regulation of the cryptocurrency market
Russia intends to develop the blockchain sector
In accordance with the decision of the Council of the Digital Economy Development Fund No. 2/2020 dated 09.12.2020, the Committee on Digital Financial Assets and Digital Currency was established.
The main task of the Committee is to discuss a set of measures to implement the conditions of the Federal Law of July 31, 2020 N 259-FZ “On digital financial assets, digital currency and on amendments to certain legislative acts of the Russian Federation” and the draft law “On amendments to parts one and two of the Tax Code of the Russian Federation “, as well as the development of proposals for additions to local legal acts in order to form a transparent mechanism for regulating the cryptocurrency and blockchain industry.
The key goal is to facilitate the implementation into practice of developments, ideas, projects and other solutions that are promising for application in the digital economy, as well as to achieve Russia’s leading positions in the international arena in the field of digital currencies and blockchain, to provide conditions for the development of the market for digital financial assets and digital currencies. , preventing the drain of personnel in the digital economy from the country, promoting the creation of new jobs in the market, as well as increasing the number of qualified personnel in the industry.
“Binance is today a leading global provider of infrastructure solutions for the blockchain and cryptocurrency industry, providing users with a range of financial products. We are open and ready to work together. Conditions for the emergence of additional opportunities in the industry, as well as a favorable market environment for new players, should be formed in Russia. Digital financial assets and digital currencies need to become the norm among financial instruments of the market, like bonds or futures contracts, “said Gleb Kostarev, Director of Binance Russia and the CIS.
Russian President Vladimir Putin noted that conditions must be created for digitalization and urged to act more decisively.
“We have to be globally competitive. There is nothing to be afraid of here. Then we will expand the horizon of our development, solve the problems associated with increasing labor productivity and with the growth of the economy as a whole, create a new structure of our economy, “Putin said during a meeting of the Council for Strategic Development and National Projects..
“We would like the business that wants to work legally to come, and we, in turn, will give implementation to the projects,” said German Klimenko, Chairman of the Council of the Digital Economy Development Fund.
The Committee will include the leaders of the Digital Economy Development Fund, members of the Board of the Council for the Development of Foreign Trade, as well as leading experts from industry associations and business communities..
Blockchain business leaves Russia
Despite the fact that a Committee on Digital Financial Assets has been created in Russia, the situation remains not rosy. According to Yuri Brisov, a member of the Commission on the Legal Support of the Digital Economy of the Ministry of Defense of the Russian Federation, the Russian cryptocurrency business is massively fleeing the country so as not to fall under the sanctions provided for by the legislation..
In order to protect the interests of the cryptocurrency business, the Commission on Blockchain Technologies and Cryptoeconomics of the All-Russian public organization Investment Russia sent to the Ministry of Finance of the Russian Federation comments on a package of draft laws on taxation of digital currencies.
“The biggest drawbacks of the discussed legislative initiatives are both an attempt to introduce completely inadequate criminal liability for simple failure to provide tax reporting on transactions with digital currencies, and significantly inflated fines for certain actions with digital financial assets,” said Mikhail Tretyak, head of IP / IT practice law firm Digital Rights Center.
Crypto community representatives hope that lawmakers will listen to business opinion and make the necessary changes to legislation.
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