Russian investors could be required to pass a test before buying cryptocurrency

The draft bill regulating cryptocurrencies envisages mandatory testing of investors for transactions totalling more than 600,000 rubles per year. Andrey Lugovoy, deputy chairman of the State Duma committee on security and anti-corruption, told Izvestiya.

Lugovoy noted that the testing would be conducted in analogy with the check of non-qualified investors. It will be mandatory only for performing cryptocurrency transactions, but not for other digital assets, such as tokens.

The deputy did not specify how the testing would be conducted.

In addition, the bill will address mining regulation. Lugovoy stated that miners should use electricity at tariffs for corporate customers.

According to him, the bill will be forwarded to parliament for consideration after discussions with all interested ministries and regulators, market participants, and law enforcement officials.

Andrey Lugovoy said the concept was handed to the authorities for study as far back as the summer of 2021, when it received informal support.

In parallel, amendments to the Tax Code on declaring cryptocurrencies were being prepared, the deputy said. This was confirmed by Anatoly Aksakov, head of the State Duma committee on the financial market. He expects the document to be approved in the spring session.

Andrey Lugovoy previously said that the central bank blocks amendments to the bill on changes to the Tax Code, which is why it has not been able to pass the second reading for almost a year.

Aksakov also noted that the minimum threshold for mandatory declaration of operations with digital currency will remain at 600,000 rubles per year by the second reading.

Earlier, the government, the State Duma and security agencies did not back the central bank’s position on banning cryptocurrencies and mining.

In the Finance Ministry, officials advocated regulating the industry and developed their own concept.

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