“What we want to be able to do is intervene when we believe that potential clients are being offered items that they don't comprehend and that is possibly dangerous. We must be cautious to normalize them.”

Related post: Cryptocurrency regulation in Nigeria needs "a new body 'to play that role' - minister

The FSCA, which is reportedly working with other regulatory agencies to establish crypto trading guidelines, will also look into how the currencies interact with regular financial products and whether they pose a risk to financial stability.

Russia will choose between a blanket crypto ban and the legalisation of exchanges in 2022.

As the year 2022 approaches, the world's largest country will face a decision on cryptocurrency legislation.

On Thursday, Russia's crypto regulatory situation was said to be in a state of flux. First, according to a Reuters story, Russia's Central Bank is considering a ban on cryptocurrencies, citing concerns to financial stability and a growing amount of transactions as justifications. If passed, the measure would be in line with Russian President Vladimir Putin's words at a recent financial summit in Moscow, in which he claimed that cryptocurrencies "carry enormous risks." The country’s central bank is now compiling an advisory report on the subject.

Related post: The Central bank instructed Thai banks not to offer cryptocurrency trading

However, in a press conference the same day, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on Financial Markets, said the following, as published by local news agency interfax.ru and translated by Cointelegraph:

There is a firm stance on the entire banning of cryptocurrencies, including their acquisition and possession. There is also a strategy in which appropriate crypto exchanges must be established, and everything must be lawful, clear, and understandable to regulatory organisations. The Russian Federal Tax Service would have easier taxing such [exchange] transactions.

Chairman Aksakov also expressed his support for cryptocurrency mining regulation in the country, citing mining taxes and corporate electricity consumption as examples. Authorities in the country have made developing a CBDC ruble a top priority. They have imposed strict regulations on the private crypto industry, including prohibiting mutual funds from participating in Bitcoin (BTC). According to current estimates, Russians spend roughly $5 billion on cryptocurrency each year.

'I'm a big supporter in crypto technology,' says the former US SEC chair

According to Jay Clayton, cryptocurrencies serve several functions and are tied to a range of industries, and the SEC should regulate only those industries that are related to them.

Jay Clayton, the former chairman of the Securities and Exchange Commission, or SEC, was appointed to the position by ex-President Donald Trump in 2017.

Clayton frequently supported Bitcoin (BTC) as a store of value throughout his time as the SEC's chairman. Jay discussed bitcoin and how it should be controlled in the future during an appearance with CNBC's Squawk Box broadcast on Wednesday.

The former SEC chair stated that he is a "big believer in crypto technology" and that the benefits of its efficiency in the financial sector and tokenization are immeasurable.

On #crypto, Jay Clayton said, "I am a tremendous believer in this technology." "Tokenization has enormous efficiency benefits in the banking system and elsewhere."

Clayton's comments come after the current SEC head, Gary Gensler, recently stated that the watchdog has no intentions to ban cryptocurrency but that Congress may do so. However, Gensler cautioned that cryptocurrency is akin to the wild west without proper regulation in its current state.

Do you think Russia will ban crypto exchange in 2022?