Russia’s proposed crypto investor test would not lift the 300,000-ruble annual purchase ceiling for nonqualified buyers, who would also remain limited to highly liquid assets under Bank of Russia draft rules.
Draft Instruction No. 7441-U sets the proposed cap at 300,000 rubles per intermediary each year. It would also restrict nonqualified investors to a list of the most liquid cryptocurrencies. The Bank of Russia lists the instruction as awaiting registration with Russia’s Ministry of Justice.
In an earlier explanation of the proposed purchase rules, the Bank said all investors would need to pass a test. Qualified investors would not face an amount-based purchase cap under the proposal, while nonqualified investors would face both the cap and the asset restriction. The Bank said the shorter list is intended to limit nonqualified investors’ exposure to abrupt crypto price movements.
Ekaterina Andreeva, NAUFOR’s first deputy chair, said the association had submitted a proposed testing standard to the Bank of Russia’s basic standards committee. She expects brokerages to make the assessment available toward the end of November and expects regulated platforms to accept a passing result.
The purchase limits remain part of a draft instruction pending registration. Andreeva’s late-November estimate is the next stated step for the test.
