Bank of Russia Governor Elvira Nabiullina said bill No. 1194918-8 draws a distinction between qualified and non-qualified investors, describing the approach as a standard regulatory practice rather than something designed only for crypto. She said non-qualified investors are given a narrower set of investment options because lawmakers seek to shield them from risks they may not fully understand.
Nabiullina said the same logic applies to the crypto market because of its volatility and because digital assets held abroad could be seized if they are linked to Russia. The bill is expected to take effect on Sept. 1 and will be implemented alongside the rollout of the digital ruble.
Under the proposed rules, non-qualified investors will be limited to 300,000 rubles, or about $3,800, in crypto purchases, while qualified investors will be allowed to buy up to 10 times that amount. Nabiullina also said Russia’s crypto ecosystem remains open, with no restrictions on repatriating digital assets or transferring them abroad. Still, she warned that once investors receive such assets outside Russia, they will not be protected by Russian law and any disputes would need to be handled in foreign jurisdictions.
According to ChainCatcher, Bank of Russia Governor Elvira Nabiullina said bill No. 1194918-8 distinguishes between qualified and non-qualified investors and is not a framework aimed only at cryptocurrencies, but a common regulatory arrangement.
Nabiullina said non-qualified investors are allowed to participate in a narrower range of products because the government uses legislation to protect them from taking risks they do not understand. She said those measures also extend to the crypto ecosystem because of the market’s volatility and because digital assets held abroad could be seized if they are connected to Russia.
Bill expected to take effect on Sept. 1
She said bill No. 1194918-8 is expected to come into force on Sept. 1 and will be implemented in sync with the rollout of the digital ruble.
300,000-ruble cap for non-qualified investors
Under the bill, non-qualified investors will face a 300,000-ruble cap on cryptocurrency purchases, or about $3,800. The limit for qualified investors will be 10 times higher.
Assets received abroad would fall outside Russian legal protection
Nabiullina also said Russia’s crypto ecosystem remains open, and there are no restrictions on repatriating digital assets or transferring them overseas. At the same time, she said investors who receive those assets abroad would not be protected by Russian law, and any problems would need to be resolved in foreign jurisdictions.
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