The Russian Ministry of Finance believes that cryptocurrency transactions within Russia should have an annual limit.
According to reports, Russia’s Finance Ministry has introduced a draft law governing digital assets. The institution urged the government to strengthen consumer protection regulations and impose an annual cap on cryptocurrency investment.
However, it is worth noting that Russia’s highest authorities are still far from reaching an agreement on regulating the cryptocurrency market. The Bank of Russia has advocated a total ban on all digital asset ventures. In turn, the Ministry of Finance requests that appropriate regulations be enacted.
BTC fans in Russia can already partially sleep peacefully. Cryptocurrencies will not be banned in their country. At the same time, using them as a payment method will continue to be prohibited. Digital assets will be considered investment instruments.
Additionally, the Ministry of Finance is willing to impose additional market safety regulations. If the ministry’s bill is passed, each cryptocurrency transaction will lead to a consumer identification number.
Furthermore, legislators believe that foreign digital asset exchanges should be permitted to operate on Russian territory. Such trading platforms should also conduct financial literacy tests with their customers to determine how many people can invest in cryptocurrencies.
Users who pass the tests will be able to buy digital assets worth up to 600,000 rubles ($7,806) during the year. Those who do not pass the tests will be limited to 50,000 rubles ($650) per year.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.