Russia forms a working group on cryptocurrency regulation

Russia has been a big proponent of decentralized finance, cryptocurrencies, and digital assets from the onset as it sees in them a chance to wean countries off the petrodollar reserve currency that has been the norm since the 70s. Some of the most prominent and innovative DeFi, crypto, and NFT startups have their origins in Russia or are created by Russian nationals, while Russia is now also the world's largest Bitcoin mining market by a large margin. The Russian President Vladimir Putin recently went on record saying that he sees the value in crypto, though still thinks it needs to go down in volatility and Russia doesn't plan on switching its long-term oil delivery contracts to digital currencies any time soon.

What Russia does plan, however, may be a cryptocurrency regulation spree, similar to what the Indian government may be planning, although still in its early stages. The Russian Parliament has now formed a committee on digital asset regulation and it has already held its first meeting. The working group is being tasked with developing a legislative framework for crypto regulation in Russia which must then be presented before parliament for voting.

According to Alexey Gordeev, the Deputy Speaker of the Russian Duma who heads the working group of Bank of Russia experts and lawmakers, the cryptocurrency legislation that Russia passed back in January doesn't address the latest developments in the industry and a more comprehensive regulatory framework will be needed. The crypto regulation working group proposals are expected to receive a finalized version in February before being presented for discussion and voting in the Russian Duma.

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