Russia Working on Crypto Law to Safeguard ‘Non-Professional’ Investors

Policymakers in Russia are working on a new law to “protect” non-professional investors from rash investments in cryptocurrencies, according to reports. Russia needs new laws to adopt in order to protect retail investors from crypto-risks, believes Anatoly Aksakov, the chairman of the Russian State Duma Committee on Financial Markets. The crypto-future in Russia looks presently blurry. While its government has spoken about creating Russia’s own regulated digital currency, holding undeclared cryptocurrency between $1,300 (roughly Rs. 97,500) and $13,000 (roughly Rs. 9.7 lakhs) is a finable and jail-time offence in the nation.
“Digital assets are the topic of our close attention, and here we will look at how to protect our citizens as much as possible when investing in digital currencies and digital assets, because here is a new tool, and it is quite difficult for an unqualified investor,” Russian news portal Interfax quoted Aksakov as saying.

Aksakov, earlier this week, was addressing a focussed on financial consumer protection where he made the statements.

As of now, it remains unclear by when would this law come into force.

The government officials of Russia worry, that if someday the crypto-market was to crash to zero, Russian crypto-investors should not have to suffer because that would impact Russia’s over-all economy.

Despite Russia’s stringent restrictions on crypto-trading, 77 percent Russian investors believe that investing in crypto is the “most forward looking” investments, a recent report by Russia’s Association of Forex Dealers revealed in August.

Last year, the government of Russia had come to a decision to not subject crypto to a complete ban.

As of January 1, 2021, cryptocurrencies were declared “allowed” in Russia – but not to be used as an exchange for goods and services. Russians can mine, trade and hold cryptocurrencies – but using them as a payment option can push people behind the bars, as per a report by Forbes.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.