Authorities seek to curb unaccredited investment

According to the Russian news agency Interfax , Wednesday, the Chairman of the State Duma of the Russian financial markets Anatoly Oksakov , he said that Russia needs to adopt new laws to protect retail investors from potential losses that may result from investing in encrypted currencies.

To this end, it has been reported that lawmakers in the Russian parliament are considering new legislation, to limit investments in crypto-assets by unaccredited investors.

Investing in cryptocurrency is risky

The official made his remarks, during an event backed by the Bank of Russia under the title "Consumer Financial Protection" .

Aksakov said :

 “Cryptocurrencies are subject to our enhanced focus, and we will look to provide maximum protection to our citizens who invest in digital assets.”

Aksakov explained that investing in cryptocurrencies is associated with a lot of risks, in addition to promising returns, as global investors pump billions of dollars into this sector:

“We definitely need to provide specific legislation to protect the unprofessional investor from ill-advised investments in cryptocurrencies.”

This news is in line with the Bank of Russia's new plans to slow down transactions on digital asset exchanges, in order to protect retail investors from "emotional" purchases of these currencies.

It is worth noting that cryptocurrencies such as Bitcoin (BTC) have become a popular investment tool in Russia, and according to a survey conducted by the Russian Association of Forex Dealers in August, 77 % of Russian investors considered digital assets to be the most important “promising” future investment. .