Central Bank: cryptocurrency regulation in the Russian Federation will be adopted until 2024

• The Central Bank of Russia has published a plan for the development of the CFA.
• The regulator will begin studying the issue of access restrictions in Octoberto CFA unqualified investors.
• The regulator is also considering the issue of taxation of financial assets and investor protection.

The domestic regulator intends to work out issues on taxation, as well as protection of investors' rights in CFA until 2024

The Central Bank of the Russian Federation presenteda project for the development of the Russian financial market until 2024, which touched upon, among other things, the regulation of digital financial assets. It has several interesting provisions:

1. Firstly, the regulator will begindevelop an idea to limit access to digital financial assets to unqualified investors. Let us recall that First Deputy Chairman of the Central Bank Sergei Shvetsov previously stated that the regulator is skeptical about crypto-assets and does not want to allow unqualified investors into them. After all tests have been carried out, the regulator will decide whether it is necessary to expand the provision on qualified investors to DFAs.
2. Secondly, the Central Bank intends to adopt a number of federallaws to create legal regulation of DFA. There will be penalties for illegal circulation of CFA. It is unknown when details of this initiative will be presented.

Another item on the regulation of the CFA marketbecame his taxation. According to the Bank of Russia, the regulator will work to settle “certain taxation issues” of digital financial assets. Clarity in taxation is expected to expand the use of CFA as a “borrowing tool on investment platforms, including by SMEs”.

The last item on the CFA will be the protection of investors.The Bank of Russia plans to clarify the issues of protecting the property rights of investors on investment platforms, as well as in information systems where CFA is issued. However, the timing of the consideration of the above initiatives remains unknown.

It turned out that the regulatoracknowledged the weak activity of investors with DFA. Despite the adoption of the law «On CFA», “further elaboration of legal norms” is necessary, the Central Bank of the Russian Federation said. They also added that the activities of new market participants “have not yet reached significant proportions.”

Earlier it became known that State Duma deputiesare thinking about how to limit investments of unqualified investors in cryptocurrencies at the legislative level. In particular, the head of the Duma Committee on the Financial Market, Anatoly Aksakov, hinted that legislators may limit access to cryptocurrencies for unqualified participants in the financial market.

However, according to the majority of market participants, domestic investors will simply prefer foreign crypto-exchanges, where there are no such requirements, to local restrictions.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Huobi	https://huobi.com	7.4
3	Exmo	https://exmo.me	6.9
4	OKEx	https://okex.com	6.5
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services— futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.

</p>

Rate this publication