“The cryptocurrency regulation bill will be considered next week”

The CME Group exchange plans to increase limits on the trading of bitcoin futures. A statement was sent to the Commodity Futures Trading Commission (CFTC) on Thursday. According to the document, CME proposes to raise the limit for one investor from 1,000 to 2,000 contracts per month. If we take into account the fact that there are 5 bitcoins in one contract, then, according to the current exchange rate, the limit will be about $ 50 million. At the same time, only a small group of traders has capital that can reach the current limit. The average daily trading volume on the exchange is currently only 7,100 contracts, however, the company sees opportunities for the growth of the indicator associated with the “substantial adoption of the futures market and the analysis of the underlying bitcoin market”. If the CFTC gives permission, the decision will enter into force on September 30 and will extend to the October contracts. As the regulator notes, such a practice of setting limits is needed to deter “excessive speculation" on any exchange product that is fundamental to futures. “Limits are not required in markets where there is little or no chance of manipulation,” the CFTC website says. CME claims that at present 56 holders of large positions are participating in the trading of bitcoin futures - a record number for this market. Since the beginning of the year, more than 1,200 new traders have appeared on the platform.

Anatoly Aksakov said that the bill on the regulation of cryptocurrencies is ready and will be considered on September 18 at a meeting with First Deputy Prime Minister Anton Siluanov.

The Chairman of the State Duma Committee on Financial Markets said that the draft law on digital financial assets is already ready. During the meeting on September 18, the last issue will be resolved, and then, within two weeks, a final decision will be made on the ban or legalization of cryptocurrencies in the country.

“That is, when making a decision in either direction, we can prescribe something that either legalizes the relevant institutions or prohibits them,” Aksakov said.

Initially, the bill proposed the introduction of a definition of cryptocurrencies, as well as the legislative consolidation of a smart contract – a new type of contract concluded in electronic form, obligations under which are fulfilled using digital financial technologies.

In August, Russian Prime Minister Dmitry Medvedev instructed the Ministry of Finance and the State Duma to adopt a law on the regulation of crypto assets by November 1, 2019. At the same time, the adoption of the bill has been repeatedly postponed; it has been considered for more than a year.

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Previously, it was assumed that the bill would be adopted before the end of July, but Aksakov expressed concern that the deadlines might be delayed. Deputy Finance Minister of Russia Alexei Moiseev confirmed that the bill was “stuck” in the State Duma due to disagreements on the use of cryptocurrencies.


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