The recent crypto clampdown in Russia has swayed the Russian market and investors, which now resulted in a new turn of events. Now there will be a proposition to draft new regulations regarding crypto.
According to this new legislation, investors might have to take and clear the test to trade in the market up to a specific amount. The fresh law may propose a special exam for those who fall under the Non-Qualified Investor category and wants to purchase crypto assets with an absolute yearly worth surpassing 600,000 Rubles (around $7,700).
Andrey Lugovoy, Deputy Chair of the Russian Security and Anti-Corruption Committee, affirms that this new legislation will bring more security to the asset class. According to the reports, Andrey Lugovoy also mentioned that putting a full ban on crypto would not help the case because it will cause a rise in the black market.
The new law is being implemented to control the people who exploit the low-cost energy by gaining a little profit mining crypto from the comfort of their homes.
Though this bill is still a work in progress and likely to be presented before the Parliament mid-spring session, followed by a thorough discussion with the Central Bank and relevant ministry.
However, recently, the Bank of Russia published a consultation paper where they mentioned the ban on crypto-related activities, which includes mining, trading, and investing. But it met with bad luck and faced a lot of backlash from the finance and industry leaders in Moscow.