Russian authorities have drafted another bill regarding the regulation of the industry built on digital currencies. The latest draft has set the maximum amount of money that Russians are allowed to invest in ICOs less than $9,000 per year.
The bill “On attracting investments using investment platforms” is one of the three pieces of legislation aimed to regulate the cryptocurrency space. The initial text approved by the lower house of Russia’s parliament did not contain such limits. It said that they should be determined in sub-statutory acts issued by the Central Bank of the Russian Federation (CBR).
According to the latest draft, individuals can invest through crowdfunding platforms from minimum 600,000 Russian rubles (less than $9,000) to maximum 100,000 rubles (~$1,500) per project. If any investment exceeds 600,000 rubles, the investor will be subject to mandatory oversight by the country’s financial watchdog Rosfinmonitoring.
The new rules will limit the access of ordinary citizens to Initial Coin Offerings (ICOs). Moscow’s authorities said that they need to protect citizens from the associated risks. The CBR warned that investing through crowdfunding platforms can lead to the loss of all invested funds.
Professional investors can participate in crowdfunding projects. Private investors are considered as “qualified investors” as they meet certain criteria detailed in the federal law “On the securities market.”
Recently, the blockchain firm Bitfury has collaborated with the Plekhanov Russian University of Economics to develop an accelerator for blockchain projects. It will allow specialists to ‘bring the projects to market amidst the new industrial revolution.