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No crypto-related financial services will be provided to investors, says the Bank of Russia. The monetary authority of Russia believes that these services are highly risky so it would go against the interest of Investors.
The Central Bank of Russia (CBR) is known for its conservative view regarding the crypto market. A member of the financial sector has asked the monetary authority of Russia to provide crypto-related services. This demand came in a meeting held to discuss the prospects for the development of the Russian stock market. The central bank of Russia made its position clear by saying that no crypto-related financial service will be authorized for investors.
An announcement of the Russian regulator was published to reply to the queries of the Russian business raised in the meeting. The regulator has explained:
The provision by financial institutions of services related to operations with crypto assets and derivatives on such assets does not meet the interests of investors in the financial market and carries great risks.
There is one more point that came out after the press release. The new revelation is that the regulator has also turned its back on the industry’s proposal of expanding the practice of issuing Russian financial instruments in foreign fiat currency. While cryptocurrencies remain only partially regulated in Russia through the law “On Digital Financial Assets,” which went into force in early 2021, their popularity as an investment option has grown significantly.
I hope that this statement of the regulator that no crypto-related financial service will change. This could only happen when people of Russia demand the crypto market to be regulated and made available for them.
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