Russian crypto investors may need to pass some exams. As of the moment, government officials are already working on a new law that is expected to regulate the rising digital coins in the blockchain industry.
As of the moment, Bitcoin, Ethereum, and other cryptocurrencies across the globe are being eyed by various governments in different countries to completely regulate digital tokens.
Now, Russia is taking a step further as lawmakers confirmed that a new law would soon fill the regulatory gaps in the blockchain market. Here are other things that could happen once this rule has been approved.
Russian Crypto Investors To Face Exams?
According to Bitcoin.Com's latest report, the upcoming legislation aims to provide special exams. Once they arrive, non-qualified crypto investors in the country must pass them.
A woman walks past the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey. Turkey's Central Bank announced a ban on the use of cryptocurrencies and crypto assets for purchases, directly or indirectly to pay for goods or services. The announcement comes as Turkey's crypto market has boomed over the past few years. As the Turkish Lira has slumped.
Also Read: Is The Recent Crypto Price Crash A Sign For You To Invest Now? Here's What To Know
On the other hand, Russian lawmakers also explained that these tests will allow the interested cryptocurrency investors to purchase digital tokens with a total annual value of more than $7,700.
Meanwhile, Russia's Security and Anti-Corruption Committee Deputy Chair Andrey Lugovoy said that the new law would offer a tight crypto regulation.
Lugovoy added that the new cryptocurrency bill is expected to be presented in the State Duma during the lower house of parliament's spring session.
Other Crypto Restrictions
Aside from Russia, some Nigerian crypto accounts were blocked by Binance because of a security threat. Bloomberg reported that the restriction was conducted so that the users would comply with the country's anti-money laundering regulations.
Binance's decision will also ensure the platform's security to protect its traders.
"Protection mechanisms such as know your customer, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place," explained Binance.
In other news, Elon Musk promised McDonald's that he would eat a happy meal on TV once the food company accepted Dogecoin. Meanwhile, Facebook's crypto project is currently in trouble as its assets are sold off.
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Written by: Griffin Davis
