The chairman of the Committee on Financial Markets of the State Duma of Russia, Anatoly Aksakov indicated that in Russia it is necessary to implement new laws to protect retail investors in the world of cryptocurrencies.
Against this background, legislators in the Assembly would be considering applying a law that would limit investments in digital assets by non-accredited buyers, according to Aksakov.
“Digital currencies are subject to our improved approach, and we will seek to provide maximum protection for our citizens who invest in digital assets because it is a new instrument and it is quite difficult for an unqualified investor,” said the chairman of the committee.
This approach is aligned with the intentions of the Bank of Russia, with respect to limiting transactions on cryptocurrency exchanges.
Sergey Shvetsov, the first deputy governor of the Bank of Russia, argued that this measure would protect Russian investors from losses in a scenario where the cryptocurrency market “collapses to zero”.