Head VTB: the cryptocurrency market needs strict regulation

The cryptocurrency market in the coming years is expected stringent regulation, said the head of VTB Andrey Kostin TV channel «Russia 24».

«In the coming year or years, I think, necessarily, be introduced quite strict regulation of this process, the market, which can significantly reduce the speculative effect. When, as in the financial sector, strict regulation, it will be struck from bitcoins a large amount of criminal money,» he said.

According to Kostin, after the crisis the whole world is trying to adjust to financial markets.

«And suddenly there is a completely independent currency, the financial market, which is generally not regulated by anyone, not taken into account where, by the way, do not work the rules of combating money laundering and the like. And it can’t last long,» he said.

Kostin said that VTB can work in cryptocurrency only after the appearance of strict regulation of this market.

«I’m careful, I’m not the enemy, but do not advocate this. I want to see the extent to which Russian law will be done by the framework when and if it becomes part of the common financial market and a common monetary system, then we will certainly do, and I don’t think we’ll miss much,» said the head of VTB.

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