In its bid to promote blockchain technology in the country, the Russian legislative arm of government is revising some bills aimed at providing a more flexible regulation for the country’s crypto industry. The revised bill is going to increase the amount of money which an ordinary citizen of the country can invest in any ICOs.
Russians are Not Allowed to Invest Above $9,000 in ICOs
According to a recent report, Russians are now allowed to invest up to $9,000 in any ICO project of their choice. As a result of this, any investment above $9000 is not constitutional.
In May 2018, the State Duma passed three bills aimed at regulating the country’s a crypto industry, the bill “On attracting investments using investment platforms” is one of the three bills passed then. However, none of these bills included a specific limit on the amount of money each citizen can invest in any project. According to a recent report, the initial bill only said that: “this limits should be determined in sub-statutory acts issued by the Central Bank of the Russian Federation (CBR).”
The new draft has however made sure to set a limit for the amount of money which can be invested annually by any investor. It was stated therein that: “private individuals will be allowed to invest through crowdfunding platforms up to 600,000 Russian rubles (less than $9,000) per year only, and a maximum of 100,000 rubles (~$1,500) per project.”
Provision for Financial Institutions and Certified
It is important to note that this limit is put in place for individual investors and not professionals. For financial institutions and certified investor looking to invest above this limit, their investment will be subject to mandatory verification by Rosfinmonitoring. The function of the country’s top financial watchdog, in this case, is to prevent money laundering and other illegal use of cryptocurrency.