The expert pointed out the need for regulation in the cryptocurrency market
The decision of the Bank of Russia (CBR) to prepare a concept for regulating cryptocurrencies is the first truly systematic step towards creating transparent rules of the game in a market that has been in a "gray zone" for a long time. Mikhail Nikitin, Head of the International Business and Finance Practice and a partner at 5D Consulting, said this in a conversation with Izvestia on December 28.
"The central Bank traditionally acts cautiously: first it observes, tests hypotheses, collects data, studies world experience, and only then proceeds to formalize. During this time, the regulator already understands well what instrument it is dealing with, so the proposed framework looks quite tough," he said.
As practice and statistics accumulate, the presented rules will be adjusted and expanded, the expert expects.
"The market itself will become more "white": gray exchangers and dubious schemes will begin to leave it, and instead players will appear who can create real additional value — analytics, services, infrastructure," the source is convinced.
The regulator faces an extremely difficult task — to preserve the principles of decentralization and freedom, but at the same time ensure the payment of taxes and prevent cryptocurrencies from becoming the main tool of the criminal world, Nikitin added.
"The approach that has been chosen now looks neat and balanced, without drastic prohibitions and jerks. In this sense, what is happening looks positive: the market is developing not through prohibitions, but through the gradual building of clear rules that can be adapted to," the expert concluded.
Read more about the new concept of regulating the cryptocurrency market in Russia in the Izvestia article:
Taming of the Shrew: The Central Bank presented a concept for regulating the cryptocurrency market
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