Russia to add crypto investment regulations to protect non-professional investors

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Policymakers in Russia are working on a new law to protect non-professional investors from reckless investments in cryptocurrencies, according to reports. Russia needs new laws to be passed in order to protect retail investors from crypto risks, says Anatoly Aksakov, chairman of the State Duma committee on financial markets. The crypto-future in Russia currently seems unclear. While his government has talked about creating Russia’s own regulated digital currency, holding an undeclared cryptocurrency between $ 1,300 (around Rs 97,500) and $ 13,000 (around Rs 9.7 lakhs) is a punishable offense. a fine and imprisonment in the country. Digital assets are the topic. of our full attention, and here we will consider how to protect our citizens as much as possible when investing in digital currencies and digital assets, because here is a new tool, and it is quite difficult for an unqualified investor, the portal of Russian news Interfax quoted Aksakov.

Aksakov, earlier this week, addressed an issue focused on financial consumer protection where he made statements.

At the moment, it is still not known when this law will come into force.

Russian government officials are concerned that if the crypto market ever drops to zero, Russian crypto-investors shouldn’t have to suffer as it will impact Russia’s overall economy.

Despite Russia’s strict restrictions on crypto trading, 77% of Russian investors believe investing in crypto is the most forward-looking investment, a recent report from the Russian Association of Forex Brokers revealed in August.

Last year, the Russian government made the decision not to ban crypto entirely.

As of January 1, 2021, cryptocurrencies have been declared permitted in Russia but should not be used as an exchange for goods and services. Russians can mine, trade and hold cryptocurrencies, but using them as a payment option can push people behind bars, according to a Forbes report.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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