Russia plans to restrict crypto purchases for unaccredited investors

The chairman of the Russian State Duma Commission, Anatoly Aksakov, believes that Russia should adopt new laws. With this, the chairman wants to protect private investors against the potential losses of cryptocurrency-related investments.

Protecting non-professional investors

This said the official at an event dedicated to consumer financial protection. Aksakov said the following here:

“Digital currencies are under our increased focus and we will strive to provide maximum protection for our citizens investing in digital assets as it is a new instrument and it is quite difficult for an unskilled investor.”

While investments in cryptocurrencies can potentially yield a lot, there are certainly many risks involved. A lot of money can potentially be lost through such investments. Aksakov wants to protect retail investors from these risks. He says the following about this:

“We definitely need to provide specific legislation to protect retail investors from ill-considered investments in digital currencies.”

Popular investment tool

Earlier, the Bank of Russia announced plans to slow down transactions to cryptocurrency exchanges. This would aim to protect investors in the country, by counteracting ’emotional’ purchases in this way.

In recent years, cryptocurrencies have become very popular in Russia as an investment tool. According to a previous survey, 77% of Russian investors said that cryptocurrencies are the most forward-looking investments.

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