It is planned to impose mandatory testing on Russian crypto investors

It will have to be passed for those who plan to make operations worth more than 600 000 RUB a year

28.01.2022 - 14:30

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What’s new? Andrey Lugovoy, Deputy Chairman of the State Duma Committee on Security and Anti-Corruption, stated that the draft law on the regulation of cryptocurrencies contains provisions on investor testing. It should become mandatory for those who plan to make transactions of more than 600 000 Russian rubles (RUB) per year. This is reported by the Izvestia newspaper.

Material on the Izvestia website

What is known about the testing? According to Lugovoy, the testing will be carried out by analogy with the unqualified investors’ checking. It will be mandatory only for transactions with digital currency, but not for other crypto assets, such as tokens.

What had happened before? As previously mentioned, Russian Deputy Prime Minister Dmitry Chernyshenko approved a roadmap to regulate the cryptocurrency market until the end of 2022. The government intends to define the status of all market participants, as well as appoint a regulatory body to monitor their activities.

As Lugovoy noted, the bill will be submitted to the parliament after discussion with all stakeholders.

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