The central bank of Russia has proposed to set limits on annual cryptocurrency investments by non-professional investors in the country. The central bank suggested that unqualified investors in Russia should not be allowed to invest more than 600,000 Russian rubles ($7,800) in digital assets per year. The authority laid out the new proposal in an explanatory note referring to Russia’s newly passed crypto law, “On Digital Financial Assets,” or DFA.
The new restrictions will be enforced starting next year.
The central bank’s official statement stipulates that the new regulatory restriction will involve not only digital financial assets but also “other digital rights.” The report states that individuals representing unqualified investors will have a limit on the amount of digital financial assets for annual purchase at a total of 600 thousand rubles. The limit for the acquisition of digital rights for unqualified investors who hold both digital financial assets and other digital rights is set at 600 thousand rubles for digital financial assets and 600 thousand rubles for other digital rights,” it added. The new restriction will be enforced in conjunction with Russia’s DFA law starting next year.
The central bank of Russia had admitted that they can’t ban bitcoin.
Currently, there are no specific regulations around cryptocurrencies in Russia. However, the Central Bank of Russia has voiced its support to ban all cryptocurrencies in the country in the past. As reported earlier, the central bank had admitted that it is realistically impossible to ban bitcoin and cryptocurrencies. The Director of the Bank of Russia’s legal department, Alexei Guznov, had said that a ban on bitcoin and cryptocurrencies is simply impossible. However, the central bank has repeatedly come out in support of the ban on cryptocurrencies.