The Central Bank of Russia is part of the Bitcoin news today because of a new meeting which discussed setting an annual limit for so-called “unqualified investors” that want to purchase cryptocurrencies like Bitcoin, according to local business media giant RBC and its reports on Tuesday, March 12.
The documents obtained by RBC show that the bank wants to amend the current draft crypto bill which is known as “On Digital Financial Assets” and one that recently passed a second of three readings in the Russian parliament – the State Duma.
On another note, the central bank’s paper recommends equating investor limits to the entities set in a draft bill on crowdfunding which is another popular method for raking in cryptocurrencies – currently reviewed by the Russian Parliament.
According to the head of the State Duma’s committee on financial markets named Anatoly Aksakov and his statement to RBC, the threshold will likely be established at 600,000 rubles (which is around $9,000) per year – a level that is same as the yearly investment limit in crowdfunding projects.
What’s interesting is the situation that we may see. If the parliament passes this bill, unqualified investors will still be able to purchase digital assets that were issued within the country, according to the report. On top of that, investors will still be allowed to sell or purchase such tokens without their intermediaries.
As per the Central Bank of Russia, an “unqualified” investor is everyone who has less than a one year minimum of investment experience. If one wants to be considered as a “qualified” investor, they need to obtain a qualification certificate which shows that they meet the minimum individual investment time requirements – or have at least two years of work experience in a field that is considered appropriate by the state.
The RBC reports also show that the Russian government wants to establish requirements for financial intermediaries that are involved in crypto asset trading – where banks, depositories and stock exchanges will be obliged to track all crypto transactions and reveal the exact amounts that are traded by all “unqualified” investors to other counter-parties.
The bill has raised a major discussion within the Russian legal circles.
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