Russia will introduce a limit on the purchase of cryptocurrencies for citizens

The Central Bank of Russia limits the options for unqualified crypto investors.

New projectdocument from the regulator limits the amountpurchase of cryptocurrency up to 600 thousand rubles per year for individuals and individual entrepreneurs who are considered unqualified investors. This restriction applies to direct investments in digital financial assets, without involving professional participants in the crypto market.

The Bank obliges market operators to monitor cryptocurrency transactions of Russian citizens and collect information on the total asset value of their clients.

For qualified investors, the documentoffers the opportunity to purchase CFA issued in "information systems organized in accordance with foreign law", as well as to trade equity securities.

The draft law will be available for public comment until October 27.

The law "On CFA" adopted in August comes into force on January 1, 2021. The CBR's instruction on the introduction of the limit is planned to be put into effect by the same date.

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