Sunday, December 3, 2023

Before purchasing cryptocurrencies, Russian investors must pass exams.

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.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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