Bank of Russia will block overseas unregulated Forex websites, according to the Deputy Head of the General Directorate of Security at CRB, Artem Sychev. This step follows the Russian Federal Anti-monopoly Service initiative to crack down on Unregulated Brokers in Russia.
19 June, AtoZForex – The Bank of Russia (CRB) is planning another significant step in relation to the Forex brokers from overseas. Meanwhile, a number of Russian investors complaining about the activities of overseas Forex brokers is still high.
Bank of Russia will block overseas unregulated Forex websites
The Russian financial regulator has decided to take further steps in relation to the overseas Forex brokers. Bank of Russia will block overseas unregulated Forex websites, according to the latest local online reports.
Specifically, the CRB has proposed the law amendments along with the Ministry of Communications and Mass Media (Minkomsvyaz). The CRB Deputy Head of the Central Directorate for Security, Artem Sychev, has spoken on this matter. According to the local Russian online reports, Mr. Sychev has stated that the Russian authorities have the right to now block websites with the .ru, .su and .рф domain names.
Such procedure does not require an approval from the court. It is determined by the Law “On Information, Information Technologies, and Information Protection”. In case a company is aiming at Russian investors without having an authorization for it, its website address is automatically entered into a special register.
This register is operating under the supervision of the Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Communications (Roskomnadzor). Moreover, the fraudulent websites are then getting blocked under Russian laws.
In addition, Mr. Sychev has noted that this procedure will further cover the websites with other domain names, besides the ones that I have mentioned above. This would allow for superior Russian Forex investors’ protection.
Russian Forex Law
Earlier this May, AtoZForex reported that the Bank of Russia Forex Regulation came into force. On the 2nd of May, the Bank of Russia has officially approved the basic standards for Forex brokers.
Specifically, starting from the 2nd of May, all the Forex brokers with regulations In Russia are able to advertise their products. Russian Forex Law launch did not appear as the surprise. Most of the Russian Forex brokers have been expecting the official enactment of the regime.
The firms that have approval by the Central Russian Bank will also need to become members of the unique officially approved self-regulatory organization. The name of this organization – the Association of Forex Dealers (AFD). So far, eight companies have obtained Forex broker licenses in Russia under the Russian Forex Law.
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