Russia aims to limit crypto purchases by unaccredited investors

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Anatoly Aksakov, chairman of the State Duma’s financial markets committee, argued that Russia needs to pass new laws to protect retail investors from potential losses from crypto investing, the agency reported on Wednesday. local Interfax press.

To that end, lawmakers in the country’s parliament would consider new legislation to limit cryptocurrency investments by unaccredited investors, he said.

The official made his remarks at an event supported by the Bank of Russia and devoted to the protection of financial consumers.

Digital currencies are receiving increased attention and we will seek to provide maximum protection for our citizens who invest in digital assets, as this is a new instrument and it is quite difficult for a non-investor. qualified, said Aksakov.

Investing in cryptocurrency is associated with many risks as well as promising returns, with global investors investing billions of dollars in crypto, Aksakov said. We certainly need to provide specific legislation to protect a non-professional investor from reckless investments in digital currencies, he said.

Related: Bank of Russia Wants to Block Emotional and Suspicious Crypto Activity

The latest news is in line with the Bank of Russia’s new plans to slow trading to crypto exchanges to protect retail investors from emotional crypto buys. Sergey Shvetsov, the first deputy governor of the Bank of Russia, argued that the move would protect Russian investors from losses in a scenario where the cryptocurrency market collapses to zero.

Cryptocurrencies like Bitcoin (BTC) have become a popular investment tool in Russia. According to a survey conducted in August by the Russian Association of Forex Brokers, 77% of Russian investors said cryptocurrencies are the most forward-looking investment.

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