Russian forex brokers say they are ready to work with cryptocurrencies

Licensed forex brokers in the Russian Federation want to start dealing with cryptocurrencies. This would reduce fraud in the sector, enhance security, and simplify access for investors, the Association of Forex Dealers (AFD) said, «Прайм».

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The head of the Association, Yevgeny Masharov, said that the AFD is discussing with the Central Bank of Russia the expansion of tools for Russian forex brokers. CFDs on digital assets could be included, he added.

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Finam’s chief strategy officer, Yaroslav Kabakov, noted that demand for cryptocurrencies can be met through licensed forex companies, so “of course, it is necessary to expand the toolkit in this direction.”

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An expert on the State Duma Committee on the Financial Market, Yan Art, stressed that CFDs on cryptocurrencies give people the opportunity to test working with digital currencies, and for regulators to test investments in cryptocurrencies in conditions where their legal status is not yet fully defined.

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“I believe that the ability to work with CFDs on cryptocurrencies under regulator oversight would create exactly the effect of the so-called ‘regulatory sandbox,’ which today is used by many regulators around the world to determine approaches to regulating modern, often quite ambiguous in their legal nature innovative financial instruments,” he said.

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Last year, the UK’s regulator banned the sale of cryptocurrency derivatives to retail investors. As a result, the forex broker FxOpen announced the termination of trading CFDs on digital currencies for its British clients.

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