Bank of Russia Limits Bitcoin Purchase for Inexperienced Investors to $8K
The central bank of Russia proposed to set limits on annual cryptocurrency investments by non-professional investors.
The Bank of Russia suggested that unqualified investors in Russia should not be allowed to invest more than 600,000 Russian rubles ($7,800) in digital assets per year.
The official statement says that the new regulatory restriction will involve not only digital financial assets but also “other digital rights”:
“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.”
In the explanatory note, the Bank of Russia outlined the bank’s regulatory competences regarding the DFA law. In accordance with the DFA law, the bank “has the right to determine features of digital financial assets whose acquisition can be only made by an individual who is a qualified investor.”