An organization for the protection of crypto traders was created in Russia

The Russian Ministry of Justice has registered the National Union of Private Traders and Investors onfinancial markets, TASS reports. One of the directions of the organization's work will be to improve the regulation of the cryptocurrency market.

Over the past five years, the number of traders in Russiagrew sevenfold to 9 million people. However, according to the founders of the union, trading has been removed from effective judicial control. Alexander Zhuravlev, co-founder of the union and chairman of the Commission on the Legal Support of the Digital Economy of the Moscow Branch of the Russian Lawyers' Association, says:

“The current legislation does not providedue protection of the interests of private traders, therefore we have assembled a group of specialized specialists who will be engaged in creating a comfortable legal environment. Our main goal is to ensure the balance of interests of market players ”.

The organization will create a pool of minority shareholders on Russian stock exchanges. As part of cooperation with brokers, the association will provide special rates for their services.

Participants will be allowed to improve their financial literacy and qualifications in the main areas of trading and investment for free.

An insurance fund will also be formed to pay compensation to members of the union, whose interests could not be defended in courts.

According to the chairman of the organization, Ilya Korovin, they have already received more than 400 applications for membership. In the future, the number of members of the union is planned to be increased to 10 thousand.

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