Although Russia has not yet submitted the bill on cryptocurrencies to the Parliament, the details of the bill are getting clearer day by day.
According to local media reports in Russia, certain limitations will be imposed on crypto investors in the final revised draft.
Accordingly, non-accredited investors, i.e. “professional traders of digital currencies” as defined in the draft, will be able to trade cryptoassets without a certain limit. However, ordinary Russians will be able to buy cryptocurrencies worth 600,000 rubles, or about $7,000 per year, at most.
Ordinary Russian investors will have to take a test and get a successful result in order to purchase $7,000.
According to the information Interfax received from people who saw the draft, investors who fail the exam will be allowed to buy up to $600.
Although the government in Russia drew a very crypto-friendly picture before the bill, some strict provisions in the bill seem to force investors and industry representatives.
A number of challenges remain hot on the agenda, such as the strict capital requirement and the closed-loop deposit system.
If Russian MPs approve the bill, it is expected to enter into force on January 1, 2023. In Russia, legislative changes are currently being discussed to ensure taxation of cryptocurrencies.