The Bank of Russia has published a series of fresh proposals for the regulation of digital currency and other digital assets, in the latest development in the country’s drive to develop a workable legal framework.
The central bank proposals are designed to sit alongside a new law regulating the issuance of digital securities and digital currencies, in an attempt to better inform regulatory oversight of digital assets in Russia.
Chief amongst the proposals is a separation of “qualified” and “non-qualified” investors, with separate rules relating to each class. Non-qualified investors would be limited to buying a maximum of 600,000 rubles in cryptocurrency per year—broadly equivalent to $7,700.
Qualifying investors are those that satisfy any one of several criteria: a net worth of over 6 million rubles ($77,000), holding securities worth over 6 million rubles, hold a degree in economics, have a minimum of 2 years’ experience in financial services, or be a regular trader in securities.
For those that make the grade, qualifying investors have no limits in place for the amount of digital securities or other digital currency assets they can buy.
The proposals have been opened for a public consultation process, which is scheduled to run until October 27.
The bank has also published proposals on token issuance, which will hold issuers to the same standards as other financial companies, as well as measures relating to electronic signature keys for those buying and selling digital assets.
The developments come just days after the bank said it was actively considering plans for a central bank digital currency, or CBDC. Dubbed the ‘digital ruble,’ the CBDC would be issued centrally by the bank, to facilitate digital fiat transactions on the blockchain.
The bank has yet to decide whether a CBDC will be launched.