The Central Bank of Russia has proposed putting restrictions on annual investments in cryptocurrencies by unprofessional investors.
The Bank of Russia has suggested that ineligible investors in Russia should not be allowed to invest more than 600,000 Russian rubles ($ 7,800) in digital assets annually.
Authorities published a new proposal in an explanatory note citing the recently adopted Russian “digital financial assets” crypto law, or DFA.
The official statement says the new restriction will not only affect digital financial assets, but also “other digital rights”:
For people who are ineligible investors, there will be a limit on the number of digital financial assets for annual purchases of 600 thousand rubles. The maximum digital rights acquisition limit for unqualified investors who owns digital financial assets and other digital rights is set at 600,000 Russian rubles for digital financial assets and 600,000 Russian rubles for other digital rights. ”
The new restriction will take effect regarding the Russian Foreign Ministry law on January 1, 2020. The statement said that the central bank accepts public offers and comments on the restrictions posted from October 13 to October 27, 2020.
In an explanatory note, the Bank of Russia defined the bank’s regulatory competencies in relation to the FFA. According to the DFA, “The bank has the right to define the functions of a digital financial asset, which can only be acquired by a qualified investor.”
The DFA was officially launched in July 2020, and does not contain information about restrictions imposed on the number of cryptocurrencies by qualified or unqualified investors in Russia.
Since the Russian ruble has weakened in recent years, it may seem that the amount of the potential investment limit in the cryptocurrency will decrease in the future. When the Bank of Russia first proposed a cryptocurrency limit of 600,000 rubles in 2019, the amount was around $ 9,100.
Regarding the new regulatory proposals, the Bank of Russia also published an advisory document on the digital ruble issue on October 13.