Russia’s central bank has drafted an instruction which seeks to put a limitation on the cryptocurrency trade of “unqualified investors”. The instruction will be discussed by the Russian State Duma and depending on the outcome, an amendment could be made to the draft law of “digital financial assets”, according to a media outlet’s report on March 12.
Central Bank of Russia to Put a Limitation on Trades
Per the report, the central bank of Russia is trying to put a limitation on the tradeable cryptocurrency amount in a year for those who have been tagged “Unqualified investors”. The financial institution outlined this in a draft instruction which has been sent to the State Duma to be included in the proposed digital financial assets bill.
While the reserve bank has not pointed out what the yearly limitation will be, Anatoly Aksakov, head of the State Duma Financial Market Committee gave some insight. According to Aksakov, the limitation may take the shape of the crowdfunding bill which only permits 600 thousand rubles (about $9,000) worth of cryptocurrencies to be traded in a year.
Bill Will Influence Crypto Payments By Unqualified Investors
Consequently, if the bill is passed, it will influence how much a trader in Russia make payments with crypto as well as the amount that can be exchanged. The latter, is the case where a virtual asset has to be exchange for another asset and reportedly, the transacted amount will be calculated based on their nominal value.
On the other hand, the qualified ones are those who have invested in the crypto space for at least a year and have some level of experience. They will also be issued a certificate of qualification which will enable them to bypass the limitation. Also, the qualified investors are people who have worked for two years directly under those that have already been tagged qualified by the Russian state.
Crypto Exchanges to Track, Report Customers’ Trading Data
While revealing how the country will keep track of the trades or expenses of such investors, the media outlined that exchanges in the country have been mandated to share data. This is data pertaining to the transaction amount of such a customers in order to ascertain if their limit has been reached.
In the case of the draft law on digital financial assets, the media outlined that