Bank of Russia Governor Elvira Nabiullina defended the purchasing caps in Russia's recently passed crypto bill, which holds non-qualified investors to 300,000 rubles ($3,800) while giving qualified investors limits ten times higher. She rejected the idea that the law splits the market, and said moving crypto abroad stays unrestricted — but outside the reach of Russian law.
Bank of Russia Governor Elvira Nabiullina rejected the notion of a divide created by Bill No. 1194918-8, the recently passed law that establishes a framework for cryptocurrency regulation. She spoke on Friday at a press conference following a Board of Directors' meeting, where she argued the distinction between qualified and non-qualified investors is not limited to the cryptocurrency world and is a common element in regulation.
Why the caps land on non-qualified investors
Nabiullina cast the limits as protection rather than exclusion. Legislation shields buyers from risks they don't understand, the governor said: "Non-qualified investors have fewer opportunities because the government, through legislation, tries to protect them".
She extended the same reasoning to crypto, noting that digital assets can be seized from lawful owners abroad if they are suspected of having links with Russia. The crypto market's volatility formed the second half of her argument.
The law arrives September 1 with the digital ruble
Bill No. 1194918-8 is expected to become effective on September 1, alongside the long-awaited rollout of the digital ruble. That rollout puts Russia's central bank digital currency into circulation on the same date. Under the bill, non-qualified investors face a 300,000-ruble ($3,800) purchasing limit, while qualified investors enjoy limits ten times higher.
Crypto can leave Russia; Russian law does not follow it
Nonetheless, Nabiullina highlighted the openness of the Russian crypto ecosystem, stressing that there were no limitations on repatriating and transferring digital assets abroad, just as under the current regulatory regime. Transfers of ordinary foreign currency to foreign accounts are not limited either, she said, because that might be necessary to pay for health care services or education.
But she called on investors to be aware that funds received abroad would not carry the protections of Russian law. Anyone who runs into problems would have to try to solve them inside a foreign jurisdiction, she said, pointing to assets in foreign jurisdictions that were recently subjected to closure, foreclosure, and blocked.
Source: Bitcoin News
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