Russian State Duma To Limit Financial Investments In Crypto Sphere
Deputies of the Russian State Duma amended the draft law “On Crowdfunding”. The changes provide for financial restrictions in the amount of 600,000 rubles (more than $9000) per year for a private investment made through crowdfunding platforms, RBC reports.
The amendments, concerning projects related to crypto assets and the organization of ICOs, were made to reduce financial risks for the population.
The citizens of Russia who do not have the status of a qualified investor can support projects financially through crowdfunding platforms for an amount not exceeding 600,000 rubles a year in general, and the amount of an investment in one project cannot exceed 100,000 rubles.
Rosfinmonitoring will oversee the money transactions to detect and prevent possible money laundering.
Investments through crowdfunding platforms carry a high risk and can result in the loss of all deposits, so the particular restrictions are imposed, the press service of the Russian Central Bank stressed.
The restrictions do not affect the financing of projects related to the social sphere or charity, Anatoly Aksakov, the chief of the Duma committee on financial markets, stated.
The terms “token” and “smart contract” were withdrawn from the last version of the draft law, but the concept of “digital financial assets” remained. The document should form the basis of a whole package of regulations regarding the crypto sphere.
Previously, Elina Sidorenko, the head of the working group on the risk assessment of crypto turnover under the Russian State Duma, expressed the opinion that the new draft law on digital financial assets might harm the country's cryptocurrency sphere.