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Higher fines on Russian illegal forex ads

Redwan Eid | Jun. 20, 2019
Higher fines on Russian illegal forex ads

June 20, 2019 | AtoZ Markets - New penalties have been recently suggested to tighten the noose on the Russian illegal forex dealings.

The Association of Forex Dealers, the self-regulatory organization for Russia’s OTC FX sector, has presently proposed to increase the fines on those who make breaches in advertising for forex trading in Russia up to threefold, as per the reports.

Backed by Mikhail Emelianov, First Deputy Chairman of State Duma Committee on construction and legislation, the SRO also suggested place penalties on brokers who provide misleading information.

It is worth mentioning that the current fines the Russian authorities impose on the offenders in the forex market in that context, range between RUB 2,000 – RUB 2,500 for individuals who break the law of advertising, whereas legal entities (businesses) get from RUB 100,000 to RUB 500,000.

The Russian regulator had taken measures against forex market manipulation before, as the Central Bank of Russia withdrew licenses of five firms (Forex Club, Alpari Forex, Trustforex, Fix Trade, and TeleTrade Group) for breaking the regulations of the Forex trading market, with reference to compliance and misleading issues.

Mild crypto regulations and tough fines at a time

The Russian financial sector has been recently in the headlines more often, as the former showed significant tendency toward investing in the digital assets’ avenue.

In the recent news about the cryptocurrency market in Russia, the tax-free zone in Russia was said to have entered its third stage of examination by the Financial authorities in the country.

The project called “Russian offshores” was reported to benefit the digital assets significantly, which will have special “mild” regulations for trading, as per reports.

The plan comes as part of the defense strategy the decision makers in the country are preparing to combat the U.S sanctions.

“It is clear that this is cryptocurrency, but for now we are speaking more generally. Concerning the time-frame for implementing the third set of measures, I am currently not ready to provide a response,” Deputy Minister of Economic Development of Russia, Ilya Torosov said at the time.

In spite of that the authorities in the country wave “mild regulations” for cryptos, however, the latter may also witness a tighter grip about mining rights, as AtoZ Markets published earlier this month.

The State Duma may impose administrative responsibility for mining cryptos, as the news said.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.