Indistinctness No. 1 - the fate of individual investment accounts (IIA). In principle, this is an interesting tool, it has proven itself well, and many Russian investors are already using it, thereby increasing their financial results through tax deduction. But, as we remember, at the beginning of the year they started talking about a possible reform of the IIS system. Moreover, this is not one of those reforms when “it was good”, but will be done “as always,” but it seems that there is really a reform that can strengthen this instrument in our hands.
So far, there is no exact picture of how the IIS system can be improved, but in the near future Finversia.ru, together with the FINAM holding, plans to make a special live broadcast dedicated to this topic.
So far, there is no exact picture of how the IIS system can be improved, but in the near future Finversia.ru, together with the FINAM holding, plans to make a special live broadcast dedicated to this topic. And during this broadcast, I think we will be able to answer all the questions. Moreover, the main guest of the broadcast will be the person who ultimately determines to a large extent the configuration of financial legislation - Anatoly Aksakov, Chairman of the State Duma Committee on Financial Market.
Indistinctness No. 2 - the situation in the forex market. We see that the regulators have woken up from hibernation and, in addition to the formidable shaking of their fists, a real sweep of the forex market from all kinds of "kitchens" and Russian home-grown companies that have recently been successfully hiding either behind the image of an international company, training centers were abundantly decorated with Swiss crosses and in general pretended to be "We are not local ourselves."
The real cleaning of the Forex market from all sorts of "kitchens" and Russian home-grown companies began, which recently were successfully hiding either behind the image of an international company, training centers were abundantly decorated with Swiss crosses and generally pretended to be "We are not local ourselves."
There are 4 companies operating on the legal (licensed) forex market in Russia today, three of them are actively working - Finnam Forex, VTB Forex and Alfa Forex. But one cleanup, of course, will not resolve the issue for investors and traders, since the main flaw of the Russian licensed forex is the lack of a wide range of instruments. So far, this line includes the actual currency pairs. I don’t know about you, but I personally don’t understand why I can trade, for example, a pair of Brazilian real / South African rand, being very far from understanding the trade balances and monetary policies of these countries, and I can’t trade contracts for difference, for example, for oil, gold, silver and other substances much closer to the Russian trader's soul. Today, the licensed forex community is building a normal dialogue with the regulator, so there is a chance that futures for raw materials, futures for stock indices and, possibly, futures for shares will still appear on the Russian forex market. This means that a kind of "sandbox" is formed, where people with small capital can try to work with an almost stock-based line of instruments.
Indistinctness No. 3. Situation with the operation of the Moscow and St. Petersburg stock exchanges Moreover, in this case, "indistinctness" is not at all in a negative sense; there is simply no complete picture yet. We see a huge influx of clients: 5 million accounts in Moscow 3 million accounts on the St. Petersburg Stock Exchange.
We see a huge influx of clients: 5 million accounts in Moscow 3 million accounts on the St. Petersburg Stock Exchange. This gave a new driver for the development of exchanges.
This gave a new driver for the development of exchanges. Both exchanges are developing very successfully, increasing their capabilities. The Moscow Exchange introduces trading in foreign securities and increases trading hours. The St. Petersburg Stock Exchange, accordingly, has its own "goodies" for traders and investors. And I personally am very pleased to state that, in fact, today both exchanges are increasingly beginning to correspond to the best world standards. We will observe the development of service opportunities on the Moscow and St. Petersburg stock exchanges. Hopefully, by the end of the fall, this good ambiguity has translated into even better clarity.
Indistinctness # 4. The situation with digital assets, crowd finance and cryptocurrencies. Moreover, if the picture is more or less clear with crowd finance - at least the Bank of Russia has opened the register of crowd platforms and this new interesting area for micro-investors has good prospects - then with digital assets everything is not so simple. Law on digital assets passed. The law is still vague and framework. This is normal - financial legislation is formed, detailed in stages, in the process of accumulating practice. Surely, this law will be improved. I am not sure that the Duma will add some important essence or specificity to the law in the autumn session, but Anatoly Aksakov also announced that this process will continue. All
understand that the creation of a new law (especially in a completely innovative plane) begins with simple, not yet completely clear constructions. Therefore, here you can not be discouraged, but wait.
If the picture is more or less clear with crowdfunding - at least the Bank of Russia has opened the register of crowd platforms and this new interesting direction for micro-investors has interesting prospects - then with digital assets everything is not so simple.
And here is the third point of this digital vinaigrette - cryptocurrencies. And with them the confusion continues. Let me remind you that at first there were many shouts of both “for” and “against”. The arguments sounded in a wide range - from "undermining the foundations of the state" and up to "a great future that will generally kill supposedly fiat currencies." Let me remind you that one of the leaders of the world cryptocurrency market took President Vladimir Putin to a certain crypto exhibition and at that moment the president said yes to cryptocurrencies. Then the process of discussion began, which was joined by regulators (and in consultation with other world central banks) and special services, for which the existence of cryptocurrencies is both risks and a certain challenge. An expert council met in the Duma, which included the author of these lines, and it was clear that the topic of cryptocurrencies was difficult to simply ban - it was necessary to try to somehow adapt it to the normal, legitimate state system of finance movement. After that, some secret fluctuations began, rumors that the President of Russia "prohibits cryptocurrencies." The latter sounds a little funny, because cryptocurrencies are “crypto” for that, that no president can “abolish” them by any decree - it's like a presidential decree to abolish microbes.
Cryptocurrencies are “crypto” because no president can “abolish” them by any decree - it's like a presidential decree to abolish microbes.
But in any case, this ambiguity remains the most dramatic ambiguity not only in the Russian, but also in the world financial market. And here it remains for us to observe the situation.
Indistinctness # 5. Unfortunately, it remains a constant. This is the tax situation. Let me remind you that Russian brokers today act as tax agents for private investors, and everything is ok with regard to Russian stocks and bonds, but with foreign stocks and currency revaluation, everything is confusing. Plus, a separate item is the situation when a Russian trader or investor generally works on a foreign broker or dealer site. And even those of us who want to pay tax, unfortunately, do not have the opportunity to do it in the seemingly simplest form.
Let's assume a priori that the investor has honestly filled out his tax return. Sounds crazy, yes - to trust your citizens? But what if you try?
And this form is as follows: let's trust the honesty of people who clearly want to pay taxes themselves, and just give them the opportunity to declaratively indicate what profit they received on a foreign platform. And if mistrust grips the Russian tax service (and mistrust of its own citizens is probably the main touchstone on which the principles of Russian public administration are held), then, in the end, there is such a thing as checking the receipts from the bank accounts of a person who voluntarily indicated his profit. And if the check does not reveal deceit, then let's a priori proceed from the idea that the investor honestly filled out the tax return. It sounds crazy, yes - to trust your citizens? But what if you try? In any case, this will be a much more effective system than building any other vegetable gardens, and even more efficient than the current status quo, when the vast majority of Russians working on foreign exchange or forex platforms simply do not pay tax. And - not because of their dishonesty, but because of the impossibility of doing it comfortably and civilized.