Bank of Russia adds knowledge test route for qualified investor status

The Bank of Russia said individuals can now qualify as accredited investors through a new knowledge-based pathway, widening access beyond the international credentials it had previously recognized. Under the new rules, a person who passes a financial and banking knowledge test and obtains documents such as the Qualifin Certificate issued by the National Finance Association, or the Investor Certificate from the Moscow Exchange, may be classified as a qualified investor by a broker or management company. The change is set to take effect on Aug. 31. Before this update, the central bank only accepted international certifications in areas including financial analysis, investment advisory, asset management, and risk management. The move matters for crypto purchases under Russia’s recently approved cryptocurrency rules. Non-qualified investors are limited to annual crypto purchases of 300,000 rubles, or about $3,800, through a single licensed intermediary. Qualified investors are allowed a limit 10 times higher. Deputy Governor Mikhail Mamuta said the test is designed to improve investors’ financial literacy so they can understand and manage the risks tied to complex instruments before trading them.