The Bank of Russia intends to monitor potential cases of mis-selling during the sale of cryptocurrencies and digital instruments. This was announced on August 13 by Mikhail Mamuta, Deputy Chairman of the Central Bank.
"It will definitely be monitored, as the regulation of digital currencies is new and is only being introduced. It is very important for us, especially at the initial stage, to control how well financial organizations will inform people about the risks of cryptocurrencies, and not just about the opportunities, and how well this will be organized," he shared in a conversation with TASS.
Mamuta noted that the procedure for purchasing cryptocurrencies for a wide range of users involves a preliminary assessment of investors' knowledge and restrictions on risk levels depending on the amount of investment. However, he stated that these measures do not eliminate the need for additional oversight of the actions of financial institutions.
The Deputy Chairman of the Central Bank emphasized that if violations are identified, the regulator will take appropriate measures. At the same time, he expressed hope that market participants will comply with the established requirements.
On August 11, the Central Bank's press service reported that the regulator had included Bitcoin, Ethereum, and Tether USDT in the list of cryptocurrencies available for public circulation on exchanges. It was emphasized that qualified investors will be able to acquire all cryptocurrencies traded on the exchange and over-the-counter markets without restrictions.
Russian President Vladimir Putin signed a law establishing the legal framework for the circulation of cryptocurrencies in the country. The document dated August 4 is aimed at regulating operations with digital currencies and defines the procedure for their use within the framework of Russian legislation. The law regulates relations in the field of organizing the circulation, accounting, and storage of digital currencies and foreign digital instruments, as well as mining, issuance, and circulation of digital rights.
