Russia: Crypto traders might soon have to take a ‘test to prove qualification’

ambcrypto.com:

Despite the Bank of Russia’s unwavering position on cryptos, authorities have instead agreed to regulate the sector by drawing a ‘roadmap.’

As per a report by a local paper, the roadmap might require Russian investors to take a test before they can trade in cryptocurrencies.

Andrey Lugovoi, one of the authors of the draft law and the administration’s top official, said that the digital asset regulations bill will be submitted to the State Duma in the Spring session. And, while the draft aims to regulate trading and mining, it will incorporate mandatory testing requirements as well.

The translated report specified that if the transacting amount exceeds 600,000 rubles a year, authorities will check for “unqualified investors” through the test.

But, what is worth noting is that testing will only be mandatory for making transactions with digital currency, but not with other crypto assets including tokens, Lugovoi explained.

Interestingly, the draft law may be a U-turn for Russia after the recently released consultation paper spoke about a blanket ban on crypto-activities, including trading and mining. Lugovoi, who is also the deputy of the State Duma working group on the regulation of digital assets, noted that it will be a unanimous bill. It will be finalized with the participation of all members of the specialized working group of the State Duma and other parliamentarians.

Additionally, it will include representatives of departments, the Central Bank, and law enforcement agencies, including special services.

Having said that, the country’s supremo Vladimir Putin and the Russian Finance Ministry had recently expressed support for the asset class by proposing to regulate the sector. Additionally, the Ministry of Economic