Cryptocurrency can be quite complicated for some, and Russian lawmakers feel they need to consider restrictions for private investors. According to a high-ranking member of the legislature, Russia’s parliament must provide “maximum protection” against their risks.
Members of Russia’s parliament will seek protection for citizens who invest in cryptocurrencies
State Dumar deputies in the lower house of the Russian parliament are considering introducing some legal restrictions on funds that allow unqualified investors to invest in crypto assets. Anatoly Aksakov, chairman of the Parliamentary Financial Markets Committee, made the remarks at an international conference on consumer protection for financial services users.
Billions of dollars are being spent on acquiring cryptocurrencies, Aksakov noted in his statement, highlighting the huge risks as well as the great returns associated with this type of investment. He then stressed that “digital resources are a matter of our close attention”, urging lawmakers to adopt provisions that would protect “incompetent” individuals from “badly considered investments”.
The Duma high-ranking member stressed that the Russian delegation would look at ways to ensure “maximum protection” for citizens investing in digital currencies and similar assets. As a new financial instrument, cryptocurrency can be quite complex for non-qualified investors, Anatoly Akakasov noted in his speech intended for participants in the forum.
This is not the first time that Moscow authorities have discussed restrictions on whether the general public should be allowed to invest in cryptocurrencies. Last October, the Bank of Russia sought public opinion on the annual limit of 600,000 rubles (সময় 8,300 at the time of writing).
The ban was to be included in the “On Digital Financial Assets” Act, effective January 1 this year. The head of the Dumar Financial Markets Committee did not elaborate on the legal action he is now referring to.
Russia’s central bank, known for its tough stance on crypto regulations, said in July that purchasing financial instruments associated with crypto-assets “increases the risk of loss for those who do not have the experience and knowledge.”
The monetary authority has issued warnings as part of the Russian Exchange’s recommendations to prevent transactions in domestic or foreign securities, the dividend of which depends on the payment cryptocurrency. The bank has specifically listed products related to digital asset prices, changes in crypto indices and prices of crypto derivatives.
Do you think the Russian parliament will impose strict restrictions on unqualified crypto investors? Tell us in the comments section below.
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