Russia should allow financial institutions to create funds tied to cryptocurrencies, and for exchanges to create derivatives on them. This was заявил the president of the National Association of Stock Market Participants (NAUFOR), Alexey Timofeyev, at a Kommersant conference.
In his words, this would, to some extent, satisfy the interests of retail investors within the existing regulatory framework.
“We think that one of the steps that unquestionably should be taken is to allow today’s financial institutions to create funds that are linked to crypto assets to some extent, and for exchanges to create derivatives on crypto assets. These are all securities; nothing new in how to account for this, how it works in the current regulatory system, including protecting the interests of retail investors, and for us this will not be an issue.”
He noted that NAUFOR supports regulation of the crypto sector that is aligned with the existing financial system.
“Even if this does not mean obtaining a license as a trading operator or broker, at least trading operators and brokers could take the opportunity to obtain operator status in this system,” the organisation’s president said.
NAUFOR fears the creation of an alternative, parallel financial system that, in due course, could start to claim fiat assets.
“If existing financial institutions are not given the opportunity to take advantage of such a possibility, they could be worse off — perhaps this could happen — than those who specialise in cryptocurrency operations,” Timofeyev said.
As reported, under the government-approved concept by February 18, lawmakers will present a draft regulation of the cryptocurrency market.
The current edition imposes rigorous obligations for all participants in the cryptocurrency market. In addition to licensing exchanges and exchangers, all transactions are proposed to be conducted through the banking infrastructure, and investors classified by categories.