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Russia Pushes Legislature That Aims to Restrict Crypto Investments

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Old 15-10-2020, 16:28
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Default Russia Pushes Legislature That Aims to Restrict Crypto Investments

This year saw a surprising move on Russia’s part to legalize cryptocurrencies. That legalization, however, will apparently come with certain caveats. Cryptocurrencies have been banned as a payment method. The Russian Central Bank, which is the country’s financial regulator, unveiled a draft for a directive that will treat what they call qualified and unqualified investors in cryptocurrencies differently.
According to this draft, all unqualified investors will only be able to invest up to 600,000 rubles per year on any crypto coin ($7 780), while qualified investors can do so in accordance to foreign legislation.
Meanwhile the Russian Ministry of Finance still wants to criminalize all undisclosed to the national tax agency crypto investments.
Public discussions of the proposed legislation will continue until November 27th this year. The expected law will start applying from January 1st 2021.
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This is still better than banning and criminalizing cryptocurrencies altogether, but I would like to know how they will define qualified and unqualified investors.
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