Russians who fail online tests may soon not be able to buy more than $630 in cryptocurrencies based on a new draft crypto regulation.
A new draft proposal for crypto regulations in Russia could see citizens tasked with taking online tests before being allowed to invest in cryptocurrencies. This stipulation is part of plans to create aAccording to Russia’s finance ministry on Monday, the testing requirement is to ensure that citizens are acquainted with the risks associated with crypto investing. If theThose who pass the test will be able to buy up to 600,000 rubles worth of crypto annually.
This testing requirement is also on top of strict know-your-customer identification protocols prescribed by the draft policy. Also, crypto trading platforms will be asked to maintain registers containing identifying information about all customers. As part of the draft crypto regulations, exchanges will also have to come under a licensing regime. As part of the draft crypto regulations, a designated authority will monitor the compliance of cryptocurrency trading platforms.
This monitoring will cover matters such as risk management systems, corporate governance, and internal audits. Platforms will submit documents showing the crypto held by customers and the exchanges themselves. On the issue of mining, the finance ministry’s draft proposal includes provisions for taxing crypto miners. In January, Russia’s President Vladimir Putin did call forPutin’s stance on the matter differed from that of the central bank that was in favor of aWhile the draft crypto regulations seek to legalize cryptocurrencies in Russia, the document still stated that virtual currencies will not be recognized as a means of payment.
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