When it comes to crypto regulations, Russia seems to be playing ping pong. Sometimes news emerges that they are looking to ban cryptos and sometimes that they want to regulate them. But nothing seems concrete as of now as lawmakers still can’t make up their minds.
New Crypto Laws
In the most recent news, Russia’s central bank wants to limit how much cryptos retail investors can buy. They are calling these retail investors “non-professional” investors. And the proposed limit is 600 thousand Russian rubles or around $7,800. This limit is an annual one and will come to effect from January 1, 2021. This move from the central bank seems to be inspired by a newly passed crypto law.
Annual Purchasing Limits
According to the official statement, “Individuals representing unqualified investors will have a limit on the amount of digital financial assets for annual purchase at a total of 600 thousand rubles. The limit for the acquisition of digital rights for unqualified investors who hold both digital financial assets and other digital rights is set at 600 thousand rubles for digital financial assets and 600 thousand rubles for other digital rights.”
Russian Crypto Growth
Although the rule seems to be almost fixed, the central bank is seeking public feedback from Oct 12 to Oct 27. From the looks of it, the crypto industry just might get to flourish in Russia. If they were going to ban them, there wouldn’t be any point to set these limits.