Russia Wants to Limit the Crypto Investments of Unqualified Investors

Lawmakers in the Russia’s parliament are reportedly considering new legislation to limit cryptocurrency investments by non-accredited investors.

State Duma deputies will consider the option of introducing a legislative restriction on investments of unqualified investors in cryptocurrency assets, Interfax reports, citing Anatoly Aksakov, head of the Duma Committee on the Financial Market. He said:

Digital assets are a topic of our close attention, and here we will look at how to maximize the protection of our citizens when investing in digital currencies and digital assets, because here is a new tool, and it is quite difficult for an unskilled investor.”

According to Aksakov, billions of dollars are currently being spent on the purchase of cryptocurrencies, in this area there are great risks, but also great profitability. He added:

Here, of course, we need to prescribe in the legislation the norms that will protect an unqualified investor from ill-considered investments in digital currencies.”

Earlier, the head of the financial market committee said that bitcoin cannot be legalized due to its volatility, and also proposed registering mining as a type of entrepreneurial activity.

Read also: Central Bank of Russia to Begin Digital Ruble Testing in 2022

As a reminder, in September, the Bank of Russia opposed the access of unqualified investors to cryptocurrencies.

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