FINAM deputy head on first Russian Bitcoin futures, ETFs and promising cryptocurrencies

Bitcoin futures both by the Chicago Mercantile Exchange and Chicago Board Options Exchange have been introduced by the Russian FINAM platform approximately in February this year. Naturally, Bitnewstoday has decided to ask the company’s Deputy Head on how the talks with regulators went. This happened on the recent Blockchain Conference Russia 2018 forum. This is his response:

“The regulator was in touch with this and our exchange was in touch with this, too. We’ve got certain restrictions when it comes to the promotion of this instrument in the sense that we can’t actually launch a full advertising campaign. Only qualified investors can be attracted, and they can advertise this and talk about this to everyone.”

Note that a qualified investor in Russia must possess 6 million rubles of capital (97,120.14 USD at the press time), have an experience in the investment company from 2 to 3 years and an approved economic higher education which can be replaced by either CFA, CIIA or FRM certificate. Responding to this question, Mr. Yaroslav Kabakov has also noted that the Russian regulator will without any doubt try to restrict the cryptocurrency circulation, but futures are non-deliverable financial instruments which are only backed by assets’ values and nothing more than an opportunity to get or lose money.

Additionally, Bitnewstoday has asked the Deputy Head of FINAM about the future of Bitcoin ETFs: does his organization plan developing crypto ETFs, how can he describe perspectives of this kind of financial instrument and what does he think on Reginald M. Browne’s categorical statement that we wouldn’t see Bitcoin ETFs in any near future.

In response, Yaroslav Kabakov has mentioned Just2Trade and NASDAQ Bitcoin ETFs, while also admitting that the process of development of this new financial tool is indeed being hampered in the United States, although it’s now becoming simpler to register this kind of funds due to the partial decrease of the hype around them. When talking about his company, he reiterated the importance of the Central Bank’s opinion and implied they are ready to introduce everything unless it’s not forbidden.

Overall, the high-ranking manager of the Russian exchange platform sees more perspective in new cryptocurrencies similar to Ripple and Stellar and possible new altcoins coordinated with the lawmakers. New private investors’ tools are more likely to emerge from this field, Kabakov stressed.