Russian authorities approved the concept of a roadmap for cryptocurrency regulation in the country. According to Russian local news outlets, strict obligations will be established for all market participants, focusing on investors protection. Investors themselves will be divided into qualified and unqualified ones.
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Cryptocurrency platforms will be required to have safety cushion in terms of liquidity and capital adequacy. The purpose of the regulation is to integrate the mechanism for the circulation of cryptocurrencies into the financial system and ensure control over cash flows.
The authorities hope that the implementation of the roadmap will bring the crypto market out of the gray area and create the possibility of conducting legal business activities. As iHodl earlier reported, the Bank of Russia proposed to impose a total ban on cryptocurrencies and mining as this industry is volatile and digital assets are widely used in illegal activities such as fraud.
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