Russian Forex Dealers Are Seeking Permission to Work with Cryptos

Russian licensed forex dealers are asking for permission to work with crypto assets, which will increase their competitiveness and reduce the volume of crypto scams in the country.

May 24, 2021, | AtoZ Markets – Licensed forex dealers in the Russian Federation want to start working with cryptocurrencies. This will reduce the level of fraud in this area, provide security and simplify access for investors, said the Association of Forex Dealers (AFD), writes Prime.

The head of the Association, Evgeny Masharov, said that the AFD is discussing with the Central Bank of the Russian Federation the expansion of tools for Russian forex dealers. This could include contracts for difference (CFDs) on digital assets, he added.

Yaroslav Kabakov, Director of Strategy at Finam, noted that the demand for cryptocurrencies can be met through licensed forex companies, so "of course, it is necessary to expand the toolkit in this direction."

Expert of the State Duma Committee on the Financial Market Yan Art stressed that CFDs on cryptocurrencies give people the opportunity to test work with digital currencies, and regulators - to check investments in cryptocurrencies in conditions where their legal status is not fully determined.
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“I believe that the opportunity to work with CFDs on cryptocurrencies under the supervision of a regulator would create exactly the effect of the very“ regulatory sandbox ”that is used today by many regulators of the world to determine approaches to regulation of modern, often quite ambiguous in their legal nature, innovative financial instruments", - he said.

As AtoZ Markets reported in October 2020, the  Financial Conduct Authority (FCA) banned the sale of cryptocurrency derivatives to retail investors. Because of this, forex brokers announced the termination of CFD trading on digital currencies for its UK clients.

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