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Russian central bank to impose limits on the cryptocurrency purchase of unqualified investors

Russian central bank to impose limits on the cryptocurrency purchase of unqualified investors


The Russian central bank seeks to impose new regulations on cryptocurrency. The central bank wants unqualified investors to be limited in how much cryptocurrency they can purchase. RCB reports that they will also institute an information-sharing system between crypto exchanges to ensure that no one goes over their limit.

Russia’s laws on "qualified investors" differ from the US accredited investor laws. In the US, accreditation is related to income and assets. In Russia, qualification is also directly related to investment experience, and the government issues a qualification certificate. One onerous requirement of qualification? A university degree in economics. Like the US, however, you must have a minimum amount of assets - 6 million rubles ($915,000).

For everyone else, limits will be imposed, under the digital assets regulation still being finalized by the Russian government. As local outlet RCB has it, the limits will be imposed for fiat-to-crypto and crypto-to-crypto transactions. All exchanges must keep track of user transactions and enforce the restrictions.

Unqualified investors or most people who have an interest in crypto, will have to find ways around this if they plan to acquire significant amounts of crypto. Fortunately, on a global scale, there are thousands of exchanges to choose from, many with much better reputations than virtually any Russian Bitcoin exchange.

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