Russian crypto exchanges to be safer than foreign platforms due to domestic regulation
In this news:
Key takeaways
- Russian crypto exchanges will be safer than foreign platforms due to domestic regulation.
- State Duma official Anatoly Aksakov warned that crypto trading involves significant risks.
- Aksakov urged citizens not to keep their personal savings in cryptocurrencies.
MOSCOW, October 30. /TASS/. Cryptocurrency exchanges in Russia will be safer than foreign platforms thanks to Russian regulation of the industry, Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov told TASS.
Earlier, former Binance cryptocurrency exchange CEO Changpeng Zhao said that the platform might have been hacked. The exchange later reported that its losses from a “security incident” could have reached $6.3 bln.
Domestic regulation and market safety
“Russian exchanges will be safer in any case because they are regulated by Russian legislation and will operate within Russia’s framework of oversight and regulation,” he said.
At the same time, Aksakov stressed that individuals should exercise extreme caution when operating in the cryptocurrency market. “Speaking about the current situation, it once again confirms that using these instruments involves significant risks, and therefore people should think a million times before entering this market. They need to be very careful and highly professional,” the lawmaker emphasized.
Warnings against crypto savings
Aksakov also urged Russians not to hold their savings in cryptocurrencies. “Those who keep their savings in cryptocurrencies are making a big mistake. Cryptocurrency is not intended for savings, so I would urge people not to do that,” he said.
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