October 19, 2021

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

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 in October will begin to study the issue of restricting access to CFA unqualified investors.
  • Also, the regulator is working on the issue of taxation of the CFA and the protection of investors.

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, in which, among other things, it also touched on the regulation of digital financial assets. It has several interesting provisions:

  1. First, the regulator will start in Octoberwork out an idea to restrict access to digital financial assets to unqualified investors. We will remind, the 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 to them. After all the tests have been carried out, the regulator will decide whether it is necessary to expand the provision on qualified investors to the CFA.
  2. Secondly, the Central Bank intends to adopt a number of federallaws to create legal regulation of the CFA. Punishment will be provided for illegal circulation of CFA. It is not known when the 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 from the CFA. Contrary to the adoption of the law "On CFA", "further elaboration of legal norms" is required, the Central Bank of the Russian Federation said. They also added that the activities of new market participants "have not yet reached a significant scale."

Earlier it became known that the State Duma deputiesare thinking how to limit investments of unqualified investors in cryptocurrencies at the legislative level. In particular, Anatoly Aksakov, the head of the Duma Committee on the Financial Market, hinted that lawmakers may restrict 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 deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, 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 platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the 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 rating.

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


Rate the publication

Facebook Notice for EU! You need to login to view and post FB Comments!