Russia Cracks Down on Cryptocurrency Misselling
The Bank of Russia is taking steps to regulate the cryptocurrency market in the country by monitoring how financial organizations structure sales to retail clients. The main concern for the regulator is misselling, where only the attractive side of investments is shown to a person while downplaying volatility and other risks.
Mikhail Mamuta, Deputy Chairman of the Central Bank, emphasized that the regulator's task is not just to allow access to certain assets but to ensure that banks and brokers honestly explain to clients what they are dealing with. He noted that cryptocurrency sales may appear attractive at first, but their prices can change sharply over a short period.
The Bank of Russia has already identified a list of approved assets, including Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT). To be considered for approval, assets must meet certain criteria, such as market capitalization, average daily trading volume, and pricing history.