Russia aims to limit crypto purchases by non-accredited investors

Anatoly Aksakov, chairman of the Russian State Duma Committee on Monetary Markets, argued that Russia must undertake new legal guidelines to guard retail traders from the potential losses of investing in crypto, native information company Interfax reported Oct. 6. 

To this finish, lawmakers within the nation’s parliament are reportedly contemplating new laws to restrict cryptocurrency investments by non-accredited traders, he said.

The official delivered his remarks throughout a Financial institution of Russia-backed occasion dedicated to monetary client safety.

“Digital currencies are topic to our enhanced focus, and we’ll look to offer most safety for our residents who spend money on digital property as a result of it’s a new instrument, and it’s fairly tough for an unskilled investor,” Aksakov mentioned.

Cryptocurrency funding is related to loads of danger in addition to promising returns, with world traders pouring billions of {dollars} into crypto, Aksakov mentioned. “We actually want to offer particular laws to guard a non-professional investor from ill-considered investments in digital currencies,” he said.

Associated: Financial institution of Russia desires to dam ‘emotional’ and suspicious crypto exercise

The newest information comes in keeping with the Financial institution of Russia’s new plans to decelerate transactions to crypto exchanges as a way to defend retail traders from “emotional” purchases of crypto. Sergey Shvetsov, the primary deputy governor on the Financial institution of Russia, argued that this measure would defend Russian traders from losses in a situation the place the cryptocurrency market “crashes to zero.”

Cryptocurrencies like Bitcoin (BTC) have emerged as a well-liked funding device in Russia. In line with an August survey by Russia’s Affiliation of Foreign exchange Sellers, 77% of Russian traders mentioned that cryptocurrencies are the “most forward-looking” funding.