Increased threats of fraud in the development of the cryptocurrency market

The objective of this study is to consider new types of fraud related to the use of cryptocurrencies and to obtain practical recommendations aimed at reducing the likelihood of this threat, since the popularity of the cryptocurrency market has grown significantly in the past few years. Russian citizens are actively making transactions with cryptocurrency on specialized online platforms. Users of these financial platforms often encounter fraudsters.

To date, there is no separate rule for cryptocurrency fraud in the legislation of the

Russian Federation, therefore such crimes are qualified under Article 159.6 of the Criminal Code of the Russian Federation. Due to the complex principle of functioning of the cryptocurrency, a variety of fraudulent actions appear. In order not to lose money on the accounts of crypto wallets, special care is needed when working with cryptocurrency.

With the beginning of a special military operation in Ukraine, money transfers abroad have become limited for citizens. Banks have begun to introduce high fees, besides, money transfers are unstable, so in such a situation, cryptocurrency becomes a popular tool, transfers and exchanges are made on peer-to-peer platforms.

The Bank of Russia has developed measures aimed at reducing the spread of the cryptocurrency market, as well as the associated negative consequences for the Russian economy. One of the main measures is the consolidation at the legislative level of the norm, which provides for responsibility for the payment of goods and services with cryptocurrency on the territory of the Russian Federation. And also to reduce the issue of cryptocurrencies, the Central Bank of the Russian Federation proposed to introduce restrictions on the creation of p2p platforms and crypto exchanges in Russia and the introduction of a ban on investing in bitcoins and other financial instruments related to cryptocurrency for Russian financial organizations.

The result of the work is a brief description of the main fraudulent schemes, as well as recommendations on how to secure finances that are traded on cryptocurrency platforms.

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