The Russian State has reveal plans to limit cryptocurrency purchases by unqualified investors to protect them from potential losses associated with investing in crypto.
During the International Conference on the Protection of Consumer Rights of Financial Services, Anatoly Aksakov, head of the Russian State Duma Committee on the Financial Market, revealed that lawmakers in the country’s parliament will work on legislative restrictions to protect private investors wishing to invest in cryptocurrencies and other crypto assets.
“Cryptocurrency investment is associated with a lot of risk as well as promising returns, with global investors pouring billions of dollars into crypto. Here, of course, we need to prescribe in the legislation the norms that will protect an unqualified investor in ill-considered investments in digital currencies,” said Aksakov.
In July, the Central Bank of Russia issued a letter to Russian exchanges to not allow trading instruments linked to cryptocurrencies and crypto assets in order to protect retail investors.