Unqualified investors in Russia will not be admitted to crypto assets

The State Duma plans to limit investments in virtual currencies at the legislative level

07.10.2021 - 12:50

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What's new? The State Duma is going to limit investments of unqualified investors in cryptocurrency assets at the legislative level. This was announced by the head of the financial market committee Anatoly Aksakov, Interfax says.

Material on the “Interfax” website

What is the deputies’ purpose? Aksakov explained that investments in virtual assets are “ill-conceived”, as they involve a lot of risk. Restrictions for unqualified investors should protect them, because cryptocurrencies are “quite complex instrument.”

“Digital assets is a topic of our close attention, and here we will look at maximizing protection of our citizens in digital currencies investments”, the official stressed.

What is the attitude of the Bank of Russia to cryptocurrencies? As aforementioned, at the end of September, the Central Bank opposed to digital assets and stated that it considers transactions with them to be suspicious. Since October 1, one of the regulatory acts (N5599-U) was amended. According to it, transactions related to the circulation of digital currency fall into the zone of additional attention of banks.

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