Finam Identifies Risks for Brokers in Accessing Cryptocurrencies for Unqualified Investors

The Chairman of the Board of FG Finam, Vladislav Kochetkov, stated that under the current legislation, no broker will be able to provide access to cryptocurrency trading for unqualified investors. The established limit for such investors is 300,000 rubles; however, the risk of exceeding this limit when executing a market order makes access impossible. Kochetkov noted that controlling the execution of transactions is difficult to implement, and in fact, the market is closed to unqualified investors. As of September 1, the law on digital currencies and digital rights comes into effect, which introduces rules for the circulation of cryptocurrencies in Russia. Unqualified investors will be able to access digital currencies through licensed intermediaries after passing a test. The Bank of Russia proposed to limit cryptocurrency purchases by unqualified investors to a limit of 300,000 rubles per year through each intermediary. For unqualified investors, trading will only be allowed with the largest cryptocurrencies, such as Bitcoin, Ethereum, and the stablecoin USDT. At the end of August, Finam announced its intention to become one of the leading players in the Russian cryptocurrency market. The Director of the Financial Policy Department of the Ministry of Finance, Alexey Yakovlev, noted that the Ministry of Finance does not aim to create non-functional mechanisms and will closely monitor the situation in the market.

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