Russia to create Commission to help cryptocurrency industry
In Russia, the absence of proper regulatory framework for cryptocurrencies have led to the decision of creating a Commission. The Commission will comprise of legal experts who will look into cases related to digital economy. It will address the legal challenges in the cryptocurrency industry.
According to a Russian news outlet, Bitcrypto News, the decision was taken by Blockchain Lawyers and Russian Association of Lawyers. The main aim of Commission is to provide answers to the questions arising due to the lack of proper crypto regulations.
The Commission will reportedly also work with companies in other sectors related to it such as blockchain development, quantum technologies, robotics, internet of things and artificial intelligence. During the discussion, the participants expressed confidence towards the new legal body that it will be efficient enough to give legal definitions to the new technology in the digital space.
The areas that are reportedly study include accounting and taxation. This is mainly because Russia views crypto as “other property”, however, ICOs are treated as (i.e. depending on their nature) – “property rights”. Therefore, the participants believe “legal definitions” are needed in order to deal with accounting as well as taxation uncertainties.
The topic of taxation in the cryptocurrency industry was also touched upon during the discussion. The partner of the law firm “Taxology”, Mikhail Uspensky, told the media outlet, “As long as the legislator does not clearly define the civil nature of the token, it will be extremely difficult to build a competent tax accounting.”
Therefore, those present concluded that it is essential to create a Commission on the “Legal Support of the Digital Economy”.
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