Cryptocurrency can be quite complicated for some, and Russian lawmakers believe they should consider restrictions for private investors. According to a senior representative of the legislature, the Russian parliament must provide them with “maximum protection” against risks.
Members of the Russian Parliament will seek to protect citizens who invest in cryptocurrencies
Members of the Duma, Russia’s lower house of parliament, are considering introducing certain legal restrictions on the funds that unskilled investors can invest in cryptographic assets. Anatoly Aksakov, chairman of the parliamentary committee on financial markets, revealed this intention at an international conference on consumer protection for users of financial services, Interfax reported.
Billions of dollars are spent on acquiring cryptocurrencies, Aksakov noted in his statement, noting the big risks but also the big returns associated with this type of investment. He went on to stress that “digital assets receive special attention”, insisting that lawmakers must adopt provisions that protect “unqualified” people from “reckless investments”.
The rector of the State Duma emphasized that Russian deputies would look for ways to ensure “maximum protection” for citizens investing in digital currencies and similar assets. As a new financial instrument, cryptocurrency can be quite difficult for unskilled investors, noted Anatoly Aksakov in his address to forum participants.
This is not the first time authorities in Moscow have discussed restrictions on the number of ordinary people who must invest in cryptocurrencies. Last October, the Bank of Russia proposed an annual limit of 600,000 rubles ($8,300 at the time of writing), prompting public opinion on the limit.
The restriction had to be incorporated into the law “On Digital Financial Assets”, which entered into force on January 1 of this year. The head of the Duma’s financial markets commission did not specify which legislative measures he was referring to now.
Russia’s central bank, known for its tough stance on encryption regulations, said in July that buying financial instruments tied to cryptographic assets “brings greater risk of loss for people who don’t have enough money.”
The monetary authority issued the warning as part of a recommendation to Russian stock exchanges to avoid trading domestic or foreign bonds, whose dividend payments depend on cryptocurrencies. The bank specifically listed products related to digital asset pricing, changes in encryption ratios and the cost of encryption derivatives.