Monday, October 3, 2022
HomeLaw & PoliticsRussian Finance Ministry sets the rule for Cryptocurrency investor

Russian Finance Ministry sets the rule for Cryptocurrency investor

According to a bill proposed by the Russian Finance Ministry, citizens will be required to take online tests before they may trade cryptocurrency. The statement from the Finance Ministry said the law that sets rules for exchanges and investors would require citizens to pass a test before they could trade a lot of cryptocurrency.

Citizens will be tested to see how much they understand about investing in digital currencies and the risks that come with them.

If citizens pass the test, they will be able to purchase digital currencies worth up to 600 thousand rubles ($7,500) every year. If not, the maximum investment amount will be limited to 50 thousand rubles ($600). The government said that qualified investors and legal organisations would be able to perform transactions without restrictions.

Another part of the law is to set up a registry of cryptocurrency exchange operators that will be kept by a government body.

Despite regulatory uncertainty, crypto use in Russia has risen. The government says Russia has at least $200 billion worth of cryptocurrency, which is about 12% of the whole market.

Analysts predicted a surge in Russian cryptocurrency mining after major hubs such as China and Kazakhstan prohibited mining owing to energy limitations. Russia’s cold weather is also thought to be good for mining because it doesn’t need as many cooling systems.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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