According to rumors, Russian policymakers are working on a new regulation to “protect” non-professional investors from making hasty cryptocurrency purchases. Anatoly Aksakov, the head of the Russian State Duma Committee on Financial Markets, feels that new regulations are needed to safeguard ordinary investors from crypto-risks. In Russia, the crypto-future is now hazy.
While Russia’s government has expressed interest in developing its own controlled digital currency, owning unregistered bitcoin worth between $1,300 (approximately Rs. 97,500) and $13,000 (about Rs. 9.7 lakhs) is a punishable offense in the country.
“Digital assets are the topic of our close attention, and here we will look at how to protect our citizens as much as possible when investing in digital currencies and digital assets, because here is a new tool, and it is quite difficult for an unqualified investor,” Aksakov said, according to Russian news portal Interfax.
Aksakov made the comments earlier this week while speaking at a conference on financial consumer protection.
As of now, it is unknown when this law will go into effect.
Russian government authorities are concerned that if the crypto-market crashes to zero, Russian crypto-investors should not be harmed because this would have a negative influence on Russia’s overall economy.
Despite Russia’s severe crypto-trading prohibitions, a recent survey by Russia’s Association of Forex Dealers found that 77 percent of Russian investors feel that investing in crypto is the “most forward-looking” investment.
Last year, the Russian authorities decided that cryptocurrency would not be completely banned.
Cryptocurrencies were deemed “authorised” in Russia on January 1, 2021 – but not for the purpose of exchanging goods and services. Cryptocurrencies can be mined, traded, and held by Russians, but using them as a payment method might land them in jail, according to a Forbes article.