The Russian authorities are going to limit investments in cryptocurrencies

The government believes that restrictions on unqualified investors should protect them from financial losses

18.11.2021 - 13:00

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What’s new? The Russian authorities plan to limit investments by incompetent investors in digital assets. The legislation will be drafted to do so. This was reported by the Reuters news agency on its Twitter account.

Российские власти вновь вернулись к выстраиванию в стране законодательного режима оборота криптовалют, поскольку инвестиции россиян в эти активы растут, сказал глава РСПП Александр Шохин. Предлагается допускать до сделок только квалифицированных инвесторов pic.twitter.com/X9ho9RIIxV— Агентство Рейтер (@reuters_russia) November 17, 2021

“I would like everything to be regulated here, including the tax aspects of this topic, there is a desire to ensure appropriate tax revenues for the budget, but this issue is not regulated, including the Civil Code,” said Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs (RSPP).

Why will the restriction be introduced? The government assumes that only qualified investors should deal in cryptocurrencies since it is a rather complex tool.

At the beginning of October, the deputies already considered a similar initiative. According to Anatoly Aksakov, Chairman of the Committee on Financial Markets, investments in cryptocurrencies are ill-conceived and risky. He believes that restrictions for unqualified investors should protect them from financial losses:

“Digital assets are the topic of our primary attention, and here we will look at how to protect our citizens as much as possible when investing in digital currencies.”

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