Summary
- Russia's government said it has prepared a regulatory proposal that, while advancing the legalization of crypto investing, would set ordinary retail investors' annual crypto assets investment limit at 300,000 rubles (about $3,700).
- Ordinary investors would be allowed to invest only in major crypto assets approved by the central bank, and trading would be permitted only through regulated intermediaries, with relevant institutions required to obtain separate licenses.
- Professional investors could invest in most crypto assets without a separate cap, though certain assets such as privacy coins would be excluded, and transactions via unauthorized overseas exchanges could be banned.
Forecast Trend Report by Period
The Russian government has drawn up a regulatory proposal that, while pushing to legalize crypto investing, would cap individual investors' annual investment limit at about $3,700.
According to Cryptopolitan, a crypto-focused media outlet, the Russian government approved a package of bills at a cabinet meeting to regulate crypto trading and is said to have set the annual investment limit for ordinary retail investors at 300,000 rubles (about $3,700).
The legislation consists of three laws, including the "Digital Currency and Digital Rights Act," and aims to bring crypto transactions into the formal financial system while tightening state oversight. In particular, ordinary investors would be restricted to investing only in major crypto assets approved by the central bank.
Professional investors, by contrast, would be able to invest in most crypto assets without a separate limit, though certain assets such as privacy coins would be excluded. The package also includes a requirement to pass a risk-awareness test before investing.
The bills also stipulate that transactions will be permitted only through regulated intermediaries. As a result, exchanges, custodians, securities firms and banks would need to obtain separate licenses, and platforms that fail to meet the requirements could face restrictions on operations.
Meanwhile, the possibility has been raised that Russian investors' use of overseas exchanges could also be curtailed. Anatoly Aksakov, chairman of the Russian parliament's Financial Market Committee, said that "transactions through unauthorized overseas exchanges could be banned."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
