National Finance Association of the Russian Federation has proposed legalizing investments in digital assets

The organization noted that foreign companies and unregistered intermediaries receive income from transactions with cryptocurrency

12.01.2022 - 13:40

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What’s new? The National Finance Association (NFA) has proposed to reconsider a complete ban on the Russians' deposits in cryptocurrencies. This is reported by the online publication Prime.

Information on the Prime website

What was the basis for the proposal? The organization focused on the development strategy of the Russian Federation’s financial market until 2030. According to it, the Bank of Russia and the state government intend to counteract the investments and the use of money surrogates amid the high risks for the citizens.

The NFA recalled that now the majority of the operations with the digital assets are in the “grey” zone, and the Russians’ deposits in cryptocurrencies are quite large. At the same time, the foreign companies and unregistered intermediaries receive income from the transactions.

What else did the NFA say? The organization said that it should reconsider investing in the digital assets only for the qualified users:

“In this regard, we believe that the issue of allowing the Russian investors to work with the digital financial assets through the Russian professional participants without the physical delivery, as well as the possibility of creating collective investment instruments with cryptocurrencies as investment objects, requires the further elaboration.”

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