Despite the active development of the cryptocurrency market, many retail investors around the world still prefer safer and more understandable investments - in securities. The securities market is understandable and safe for retail investors due to its total regulation and full compliance with national and international laws. However, this may be the problem of the securities market against the background of a relatively "free" crypto market.

There is no doubt that a clear regulation of the mechanisms, the circulation of securities, and the regulatory framework are the determining factor when choosing an investment object for the majority of market participants. However, the legislative frameworks of many countries have largely begun to direct their policy towards narrowing the circle of private investors, dividing the Central Bank by investments of different categories of complexity. This is achieved with the help of a legally fixed list of requirements for an investor who wants to purchase a complex investment product, such as securities of large banks.

Based on this information, we can conclude that private investors, for whom national legislation complicates or even restricts access to certain investment products, will look for less safe and understandable, but affordable products. The situation is warmed up by constant announcements, which clarifies the convergence of the cryptocurrency market with household financial transactions. As a result, we get a situation when there is a collision of two opposite courses: the Central Bank market is going to narrow the circle of participants, while cryptocurrencies, on the contrary, are trying to expand the existing framework of investment entities.

Thus, the narrowing of the investment portfolio of the Central Bank of retail investors leads to their "flight" towards more complex, incomprehensible, dangerous, but accessible investment objects, such as cryptocurrencies. Taking into account the active development of the crypto market and its imminent entry into the global payment systems, legislative regulation will be supplemented and improved. However, right now, cryptocurrency is a much more "free" investment product than securities.