Russian Central Bank Chief Says Bill 1194918-8 Limits Crypto Access for Non-Qualified Investors

Russian Central Bank Governor Elvira Nabiullina said bill 1194918-8 distinguishes between qualified and non-qualified investors and is not limited to cryptocurrency regulation. According to Odaily, she said non-qualified investors are allowed a narrower scope because the government aims to protect them from risks they do not understand. Nabiullina said the measures also apply to the crypto ecosystem because of market volatility and the risk that foreign digital assets with ties to Russia could be seized. The bill is expected to take effect on September 1 and will be implemented alongside the launch of the digital ruble. The bill sets a 300,000-ruble limit, about $3,800, on crypto purchases for non-qualified investors, while the cap for qualified investors is 10 times higher. Nabiullina said Russia's crypto ecosystem remains open, and the transfer and repatriation of digital assets abroad will not be restricted. She added that investors who receive such assets overseas will not be protected by Russian law and must resolve any disputes in the foreign jurisdiction.