The first organization appeared in Russia to protect the rights of crypto traders
The Ministry of Justice of the Russian Federation officially registered the National Union of Private Traders and Investors in Financial Markets.
The founders of the non-profit organization were the market participants themselves, as well as experts and lawyers. Its main goal is to create an organization independent of the exchange industry, capable of regularly protecting the rights of private traders and investors in the financial markets, including those who work with cryptocurrencies.
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As part of its activities, the NSCT will defend the interests of market participants in the event of violations of their rights by brokers, stock exchanges and other players when working on financial markets. The organization will also work on improving the legal regulation of the Russian financial market.
“The current legislation does not provide adequate protection for the interests of private traders, so we have assembled a group of specialized specialists, whose tasks will include, with the participation of interested parties, improving regulation and creating a comfortable legal environment. Our main goal is to balance the interests of market players, ”says Alexander Zhuravlev, Chairman of the Commission on Legal Support of the Digital Economy of the Moscow Branch of the Russian Lawyers Association.
In addition, the Union will form a pool of minority shareholders on the Russian stock exchanges. This will provide additional rights and opportunities to participate in the management of trading floors and make key management decisions in the interests of end consumers.
Members of the organization will be able to receive various preferences. For example, reduced rates for brokerage services, free improvement of financial literacy and qualifications, and psychological support. In addition, the Union is going to form an Insurance Fund, from which compensation will be paid to those traders-participants whose interests could not be defended in the courts.
It is estimated that currently there are about 9 million traders and investors in Russia, which is more than 7 times more than 5 years ago. The organization plans to expand its membership to at least 10 thousand members in order to have real opportunities to defend the interests of private traders and to influence the industry.