Crypto Exchangers May Evade New Rules by Disguising Themselves as Consulting Centers

Crypto exchangers may find ways to circumvent new rules by disguising themselves as financial consulting centers, according to Yevgeny Masharov, a member of the Public Chamber. Starting September 1, illegal crypto exchangers will no longer be able to operate openly, but they may continue their activities under a different guise.

Masharov believes that these centers will use vague wording in contracts and expensive offices as an element of trust to convince clients that they are legitimate financial consulting services. He also mentioned that employees may already be preparing separate scenarios for inspections and visits by 'mystery shoppers'.

The reason behind this restructuring is the new law that introduces rules for crypto exchangers, digital depositories, and other market participants. Those who do not want to work legally will either have to leave or find ways to hide their former business under a different guise.