The Ministry of Finance plans to revoke licenses issued to brokers being accused of gambling

The Ministry of Finance of the Russian Federation is planning to deprive the professional participants of securities market of the opportunity to take part in illegal gambling.

The bill named “On amendments made to the Federal Law on security market” has been published on the official website.

The document enables the Central Bank to revoke licenses issued to companies participating in online gambling under the pretense of providing brokerage services.

On their websites, such organizations offer users to make a transaction buying some currency or warrant certificate with the help of electronic point-of-sale terminals, which look like slot machines. These trading platforms have often nothing to do with an exchange. Thereafter, an unprofessional investor places bets and spins the reels.

A number of experts suppose that the law will not be effective because dishonest brokerage companies will simply change the jurisdiction and the majority of them still works illegally.