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Bank of Russia warns against cryptocurrencies and ICOs
Global financial regulatory authorities are issuing warning against Initial Coin Offering (ICO) related investments. The Securities and Exchange Commission (SEC) recently urged investors to exercise high caution when dealing with ICOs, while China called immediate ban of all ICO activities.
The Bank of Russia is the latest financial authority to warn against ICOs and cryptocurrencies. In its online press service, dated September 4, 2017, the bank emphasized that it does not guarantee cryptocurrencies, adding that most cryptocurrency-related operations are performed out its legal regulation.
The central bank further noted that the anonymous nature of cryptocurrencies make it susceptible for use in illegal activities, including money laundering and financing of terrorism. It also highlighted the risks posed by cryptocurrencies due to sharp exchange rate fluctuations, as well as raising funds through ICOs.
The Bank of Russia said:
“These may lead to financial losses among the general public and make it impossible to ensure financial consumer protection should their rights be violated.
Given the high risks inherent in cryptocurrency circulation and use, the Bank of Russia believes it is premature to allow cryptocurrencies as well as any financial instruments denominated in, or linked to, cryptocurrencies to circulate or to be used in organised trading and in the settlement and clearing infrastructure in the Russian Federation to service transactions in cryptocurrencies and in cryptocurrency-based financial derivatives.”
In addition, the SEC, Hong Kong’s Securities and Futures Commission (SFC), the Canadian Securities Administrators (CSA), and the Monetary Authority of Singapore (MAS) have issued guidance on how ICO tokens may be subject to securities laws.
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