Russia to limit crypto purchases by non-accredited investors

Russia is presently aiming to limit all transactions to crypto exchanges in a bid to prevent unskilled crypto purchases. According to local news Interfax, chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov has said that Russia must adopt new laws that will enable it to protect retail investors from losing their investments in crypto.

In line with this, Aksakov says Russian lawmakers are reportedly considering new legislation that will limit crypto investments by non-accredited investors.

Speaking during an event powered by Bank of Russia-backed, the official delivered his remarks about financial consumer protection. Aksakov highlights the fact that digital assets are new instruments, and might be tough on any unskilled investor. He then explains the need to provide intervention and protect citizens who invest in these digital assets.

These concerns are quite valid though, seeing as crypto is seeing global investments to the tune of billions of dollars. Aksakov also hammered on the need to provide specific legislation that will protect a non-professional investor from ill-advised investments in digital currencies.

Speaking more on the issue, the first deputy governor at the Bank of Russia, Sergey Shvetsov has also supported the idea. He says that the new plans of the Bank of Russia to slow down transactions to crypto exchanges in order to protect retail investors from rushed purchases of crypto is a welcome one. Sergey believes that the measure would protect Russian investors from losses in a scenario where the crypto market does the unthinkable and crashes to zero.

Undoubtedly, cryptocurrencies like Bitcoin (BTC) have become quite a popular investment tool in Russia recently. And going by an August survey by Russia’s Association of Forex Dealers, 77% of Russian investors believe that cryptocurrencies are the most promising investment.

What are your opinions on Russia’s decision to limit crypto transactions?