No Crypto Loans and Fewer Trading Options – Russian Finance Ministry Clarifies Regulatory Plan – Regulation Bitcoin News - BitcoinEthereumNews.com
Russian authorities are not going to allow cryptocurrency lending, the finance ministry has anounced, clarifying its proposals for crypto market regulation. The treasury department also revealed that not all cryptocurrencies will be available to Russian investors under the new rules. Russian Government to Restrict Investor Access to Crypto Assets Authorities in Moscow are not planing to permit loans in cryptocurrency or its use as collateral, the Ministry of Finance has emphasized in an explanatory note to its regulatory proposal. The department‘s concept was recently approved by the federal government to form the basis of Russia’s legal framework for the crypto sector. The treasury adds that market participants will be obliged to duly inform citizens about the heightened risks associated with digital currencies. Russian regulators also intend to impose restrictions and introduce strict control over advertising of crypto-related products and services, Tass news agency reported, quoting the document. The department suggests that officials consider limiting the number of cryptocurrencies available for trading in Russia for the sake of protecting investors. Foreign crypto exchanges rarely verify crypto projects thus allowing the coins of fraudulent schemes and financial pyramids to be listed, the ministry explains and states: In contrast, regulated circulation through licensed exchanges will limit the list