January 23, 2022

NFA proposes to legalize investments of Russians in crypto assets

The National Financial Association (NFA) proposes to work out in the development strategy of the financial market of the Russian Federation until 2030, the issue of investors working with digital assets follows from the proposals of a self-regulatory organization (SRO) available to RIA Novosti. PRIME reports.

The strategy states that the government of the Russian Federation and the BankRussia continues to oppose the use of money surrogates, given that this carries high risks for citizens, and may also impede the effective implementation of macroeconomic policies aimed at creating a favorable economic environment, the NFA notes.

At the same time, operations withcrypto assets are “in the gray zone”, although the investments of Russian citizens in cryptocurrencies are estimated at significant amounts, and foreign companies and unregistered intermediaries receive income from transactions, notes the SRO.

“In this regard, we believe that the question ofproviding Russian investors with the opportunity to work with digital financial assets (including cryptocurrencies) through Russian professional participants without physical delivery, as well as the possibility of creating collective investment instruments (BPIF - exchange-traded mutual investment funds) with cryptocurrencies as investment objects (only for qualified investors) requires additional elaboration,” the NFA’s proposals say.

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