The Ministry of Finance: transactions scriptactive in Russia involve major risks

TASS, August 28. Transactions scriptactive in Russia today do not protect the rights of buyers and sellers, and the concept of regulation of the industry is under discussion, so this activity is associated with a high risk for market participants, TASS reported Deputy Finance Minister Alexei Moiseev.

“At the present time the Federal Executive bodies and the Bank of Russia discussed the concept of a possible regulation of crypto currencies. One of the main challenges in regulating the cryptocurrency market, the Finance Ministry sees protecting the rights of buyers and sellers. At the moment, market participants do not have judicial protection and buy – sell cryptocurrency at their own risk. In order to minimize the risk of dishonest behavior suggests a mechanism for the implementation of exchange operations with cryptocurrencies through professional investors”, – said Moiseev.

According to him, at the moment is to monitor the treatment of cash equivalents (including cryptocurrencies), and additional risk analysis of their possible use for criminal purposes, taking into account international experience.

Earlier on Monday, Moses in an interview with TV channel “Russia 24” said that the operations with cryptocurrency in Russia can be implemented in the future on the Moscow stock exchange, but only to qualified investors.

Now cryptocurrency circulation in the Russian legislation is not regulated. The Ministry of Finance and the Central Bank are engaged in elaboration of proposals on their legalization in Russia. However, that the Ministry of Finance to allow transactions with cryptocurrency only to qualified investors, it became known in June.

Then Moses said that the Finance Ministry is discussing the approach to the regulation of cryptocurrencies as a complex financial products in particular derivatives, which traded in accordance with the current legislation, individuals are only in the status of qualified investors.