The main finance industry association of Russia has urged authorities to reconsider a position against crypto investments in the nation’s financial market strategy. The organization insists that the crypto investments of Russians should be brought out of the “gray zone” instead of being banned.
Finance Industry Body Urges Government to Regulate Operations With Crypto Assets
The Russian National Financial Association (NFA) has issued a call to amend the country’s Strategy for Development of the Financial Market of the Russian Federation Until 2030 in the part concerning investments in cryptocurrencies, RIA Novosti and Prime reported, quoting the proposal. The NFA unites over 200 entities active in Russia’s financial market.
The strategy now states that the Russian government and Bank of Russia will continue to oppose the use of “monetary surrogates,” a term often employed to describe decentralized digital currencies such as bitcoin. They carry high risks for citizens, according to the document, and may hinder the implementation of macroeconomic policies aimed at creating favorable economic conditions.
Operations with crypto assets remain “in the gray zone” despite the fact that investments of Russians in cryptocurrencies are significant, the self-regulatory body of the Russian finance sector noted. Foreign companies and unregistered intermediaries receive revenues from such transactions, the organization remarked.