The Central Bank is tightening control: penalties will be introduced for concealing cryptocurrency risks.
The Bank of Russia has announced the introduction of strict oversight over misselling practices in the sale of digital currencies and financial instruments. The regulator intends to hold financial organizations accountable for deliberately misleading clients by substituting one product for another or concealing key features and risks of an asset. This statement comes amid upcoming legislative changes that take effect on September 1.
From that date, digital currencies will become available to retail investors through licensed intermediaries. However, access to the new market does not mean loosened control. On the contrary, the regulator states it will closely monitor the quality of client information at all stages of the sale. The Deputy Chairman of the Bank of Russia emphasized that oversight of sales integrity will be mandatory, especially at the initial stage of regulatory implementation, when the market is just taking shape.
Testing and limits are not a panacea
Already approved mechanisms, such as mandatory testing of buyers' knowledge and limits on transaction amounts depending on the risk level, remain in force. However, as the regulator itself rightly notes, these barriers do not guarantee that the client will be honestly informed about all the pitfalls. Therefore, the Central Bank is adding its own monitoring of sellers' behavior to the formal restrictions.
In essence, the regulator is signaling: testing mitigates risks at the entry point but does not answer the question of what exactly and how the investor is told at the moment of the transaction. It is this "gray area" that will now be monitored especially carefully. Violators face sanctions, although the Central Bank expresses hope that it will not come to harsh measures.
The new law and its pitfalls
Let me remind you that in August, the president signed a law that for the first time comprehensively regulates the circulation of digital currencies and digital rights in Russia. The document covers a wide range of participants: from crypto exchanges and brokers to management companies and clearing organizations. It establishes rules for mining, issuance, and circulation of digital assets.
However, experts are already drawing attention to ambiguous provisions. The most controversial is considered to be the article restricting the circle of persons who can provide digital currency as a loan. Miners and private holders of large portfolios were not included in this list, which raises questions among market participants. Also unresolved is the issue of circumventing the 300,000 ruble limit for non-qualified investors — distributing transactions across different platforms remains a legal way to bypass the threshold.
In my opinion, tightening oversight of misselling is a logical step. The regulator understands that formal barriers will not protect the investor from dishonest advice. However, the effectiveness of this measure will directly depend on how transparent the criteria for "quality information" turn out to be. Without clear definitions, we risk getting either formal dismissals or excessive pressure on legitimate business, which ultimately will not benefit either the market or its participants.