According to news outlet, News.Bitcoin.com, it has been unveiled that Russia is in heat for not having an appropriate regulatory framework on cryptocurrencies. Because of the problems that can arise from this issue, members from the Russian Lawyers Association and Blockchain Lawyers have decided to come together to create a standard that would be used in assessing crypto concerns.

In addition to the duo’s alliance, firms within the crypto sector will also be playing a major role in coming up with said guideline. As per the claims made, this endeavor will help Russia make better sense of how to consider cryptocurrencies along with its misuse.

Some of the areas that have been reported to be under study and will be given guidance by the commission to operating firms include accounting and taxation. This is allegedly a contradicting area considering that Russia views cryptos as “other property,” but ICOs are treated as (i.e. depending on their nature) – “property rights”. Hence, it’s clear right off the bat that clarification is a must. This being said the report reveals that “legal definitions” are needed in order to deal with accounting and taxation uncertainties, otherwise such problems will persist.

As for how Russia views cryptocurrencies, it seems like the country did at some point remove crypto-related terms from its bill, which forced crypto fanatics to come up with an alternative bill, dubbed, “special status”. Despite the protest, Deputy Prime Minister, Maxim Akimov seems to stand strong against the market, due its current plummet experienced.

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