In an effort to promote block technology, the Russian legislative group of the government is reviewing some bills aimed at providing more flexible regulation for the crypto industry in the country.
Russians cannot invest more than $9000 in ICO
According to a recent report, Russians now have the right to invest up to $ 9,000 in any ICO project of their choice. As a result, any investment over this amount is not constitutional. In May 2018, State Duma adopted three bills aimed at regulating the crypto industry in the country.
The bill “Attracting investments through investment platforms” is one of the three bills that were adopted at the time. However, none of these bills contains a specific limit on the amount of funds each citizen can invest in each project.
According to a recent report in the original bill, it is only said that “these limitations must be set in the regulations issued by the CBR.” The new bill, however, guarantees that it will set a limit on the amount of money that can be invested annually by each investor. It says that “private individuals will be allowed to invest through buyer platforms up to 600,000 Russian rubles (less than $ 9,000) a year and a maximum of 100,000 rubles (~ $ 1500) per project.”
Financial Institutions and Certified Investors
It is important to note that this limit has been introduced for individual investors, not for professionals. For financial institutions and certified investors who want to invest above this limit, their investment will be subject to mandatory review by Rosfinmonitoring. The function of top financial supervisor in the country, in this case, is to prevent money laundering and other illegal use of cryptocurrency.