Russian c-bank plans to establish regulatory environment for robo-advisors

Maria Nikolova

The project is a part of the central bank’s roadmap for the realization of the main directions of the development of the financial market for 2019-2021.

The Central Bank of Russia has just published its roadmap for the realization of the main directions of the development of the financial market for 2019-2021. 

The first project on the list concerns robo-advisors. The “mega regulator” plans to create regulatory environment for the operations of robo-advisors.

The Bank of Russia will have to describe and determine the status of robo-advisors and to provide users of such programs with all necessary protection. Furthermore, the regulator aims to expand the opportunities for practical application of robo-advisors when making investment decisions.

There will be a consultation paper about these issues, which is set to be published in 2019. The rest of the normative acts related to this matter are expected in 2021.

The Russian central bank has been trying to be supportive of fintech development. In April 2018, the Bank of Russia launched a regulatory sandbox. It is a mechanism for piloting new financial services and technology that require changes to regulations. The use of innovative financial services, products and technology is modelled in the platform. As a result of the pilot, a financial service or technology can be approved through subsequent changes to the legal framework and can lead to their commercial roll-out. Sometimes, an initiative can be recognised as inviable.

A service developed by Sberbank Rossii PAO (MCX:SBER) is the first to successfully pass the piloting phase of the Bank of Russia’s regulatory sandbox. Sberbank’s service helps remotely control permissions to carry out transactions using corporate client accounts.

The piloting was carried out by professional associations of financial market participants and interested state bodies. The Bank of Russia and expert councils that are created under the regulatory platform have made recommendations and recognised the introduction of the service as viable.

Read this next

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<