Russia is mulling stringent laws to protect crypto investors and their crypto investments. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, has confirmed that they are working on a new regulatory framework regarding cryptocurrencies.
The new laws are to be aimed at protecting crypto investors from rampant fraud and Ponzi schemes. Of late there have been multiple reports of crypto investment scams where investors have lost significant sums of money.
It has also been reported that lawmakers in the country are planning to bring in new legislation for crypto investments. The focus would be on limiting crypto investments from non-accredited investors.
“Digital currencies are subject to our enhanced focus, and we will look to provide maximum protection for our citizens who invest in digital assets because it is a new instrument, and it is quite difficult for an unskilled investor,” chairman of the Russian State Duma Committee on Financial Markets explained.
With the growing popularity of cryptocurrencies, several countries are reconsidering their cryptocurrency approach. Recently, China completely banned cryptocurrencies and their use following which Alibaba, the global B2B eCommerce giant prohibited the sale of any crypto mining equipment.
Several countries in Europe including the UK have imposed stricter measures to protect cryptocurrency investments. Now local investment platforms and exchanges will have to comply with local regulations.