Russia Plans to Limit All Unqualified Crypto Investors

Russia Plans to Limit All Unqualified Crypto Investors

To limit cryptocurrency purchases by unqualified investors, or not to? That is the question that the Central Russian Bank is set to tackle. The bank, that also acts as monetary regulator, recently uncovered a draft directive that aims to create a system of rules for qualified and unqualified crypto investors.

The public discussion on this will continue until October 27th. The legislation is expected to be introduce from 1st January of next year.

The propositions is as follows: all unqualified investors and entrepreneurs will be limited to invest up to 600 000 rubles per year on any crypto coin ($7 780). The qualified persona can invest in accordance with foreign laws.

July saw a very surprise move by the regulator, when it legalized cryptocurrencies and deemed them property. However, the Central Bank of Russia also banned the usage of crypto as a payment method. This law will, too, come into effect by the start of the year 2021.

There are certain agencies and organisation in the country that wish an even tighter control over crypto purchases. For instance, the Russian Ministry of Finance proposed a bill criminalising all undisclosed (to the nation’s tax agency) crytpo investments. All rule breakers will be punished with hefty penalties and jail time.

While this is happening, another project of the Bank of Russia endeavours to issue a digital ruble.

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