Russia’s Ministry of Finance proposed to legislatively define a professional buyer of cryptocurrencies

A qualified acquirer of digital assets is proposed to be considered an individual who is recognized as such by a cryptocurrency exchange operator or trading platform

14.04.2022 - 15:05

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What’s new? The Ministry of Finance of the Russian Federation has amended the draft law “On Digital Currency.” The concept of a qualified investor has been replaced with a professional cryptocurrency acquirer, Interfax reports, citing a source.

Information on the Interfax website

What does the definition include? A professional acquirer of digital assets will be considered an individual who is recognized as such by a cryptocurrency exchange operator or trading platform. The document retained the condition according to which citizens will be able to invest up to 600 000 Russian rubles (RUB) per year in cryptocurrency after successfully passing the test. If the test is not passed, the maximum amount will be limited to 50 000 RUB. For individuals who will receive the status of a professional entrepreneur, the limit on the amount invested in digital assets will be lifted.

What had happened before? On April 8, the Ministry of Finance finalized and submitted a draft federal law “On Digital Currency” to the government for consideration. According to a press release from the department, the document has clarified and concretized some provisions, including those related to mining.

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