Russia: the Central Bank suggests limiting the sale of cryptographic assets for “unqualified investors”

The Central Bank of Russia wants to set an annual limit for so-called “unqualified investors” who want to buy digital assets, local media giant RBC reported Tuesday.

According to the documents obtained by RBC, the bank wants to amend the current bill on cryptography, called “digital financial assets”, which recently approved a second of three readings or discussions in the parliament of Russia, the State Duma.

The Central Bank document recommends matching the limits of investors with those established in a bill on collective financing, which is also being reviewed by the Russian parliament. The head of the financial markets committee of the State Duma, Anatoly Aksakov, told RBC that the thres hold is likely to be set at around 600,000 rubles (approximately $ 9,100) per year, the same annual investment limit in collective financing projects.

The report notes that if parliament approves the bill with the current recommendations of the Central Bank, unqualified investors can still buy and digital assets that were issued with in the country. In addition, investors may sell or buy such tokens without intermediaries.

The Central Bank of Russia considers a “non-qualified” investor to have a minimum of one year of investment experience. To be considered a qualified investor, one needs to obtain a qualification certificate (given that they meet the minimum requirements of individual investment time) or have at least two years of work experience in a company that the state considers a qualified investor.

According to RBC, the government also wants to establish requirements for financial intermediaries involved in the trade of cryptographic assets. According to the current version of the draft, banks, depositories and stock exchanges will be required to track all cryptographic transactions and disclose the amounts negotiated by unqualified investors to other counter parts, institutions or government agencies, if necessary.

The draft law “On digital financial assets”, which was initially approved in afirst reading by the State Duma in May, has generated an important discussion with in the Russian legal discourse. His second reading or discussion was postponed repeatedly by the legislators.

In February, Russian President Vladimir Putin set a dead line for the government to adopt regulations for the digital asset industry, urging parliamentarians to adopt the bill during the spring session of 2019.

More recently, Aksakov told the Russian news agency RNS that the draft cryptography bill reached the final stages before it became law. The chairman of the financial committee expects the bill to be adopted by the end of March.

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Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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