Russia plans to lower cryptocurrency investment threshold, expanding the scope of eligible investors

The Bank of Russia is drafting a new cryptocurrency regulatory plan that may allow previously ineligible investors to purchase crypto assets.

Previously, on November 26, Russian Deputy Finance Minister Ivan Chebeskov revealed that the Russian Ministry of Finance and the central bank are planning to abolish the current strict regulations that only "highly qualified" investors can participate in the cryptocurrency market, and plan to establish a tiered access mechanism to expand the scope of legitimate investors.

Current regulations require individual investors to hold at least 100.00 million rubles in bank deposits and securities, and have verifiable income of more than 50.00 million rubles in the past year to obtain "high qualification" certification. (Bloomberg)