Is It Possible to Legalize Crypto Investment in Russia? New Proposal

The National Financial Association (NFA) came up with a proposal to reconsider the issue of a total ban on Russians’ investments in digital assets.

According to “Prime“, in its appeal, the organization states that the current investments of citizens of the Russian Federation in cryptocurrencies are very significant, and foreign companies and unregistered intermediaries receive income from this.

The organization recommends instead of the ban, as provided by the strategy for the development of the financial market of the Russian Federation until 2030, to allow Russians work with digital assets, including cryptocurrencies, through internal professional market participants. And for qualified investors, the NFA offered to create collective investment instruments, for example, exchange-traded mutual investment funds based on cryptocurrencies.

Earlier, the Central Bank of Russia announced its intention to collect customer data if there is a risk of using banking platforms for illegal operations of cryptocurrency exchanges, online casinos and bookmakers.

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