A new draft proposal for crypto regulations in Russia could see citizens tasked with taking online tests before being allowed to invest in cryptocurrencies. This stipulation is part of plans to create a legal framework for virtual currencies in the country.
According to Russia’s finance ministry on Monday, the testing requirement is to ensure that citizens are acquainted with the risks associated with crypto investing. If the proposal is passed, Russians will have to take an online test before they can buy crypto.
Those who pass the test will be able to buy up to 600,000 rubles ($7,500) worth of crypto annually. Conversely, those who fail the test will see their annual crypto investment threshold limited to 50,000 rubles ($630).
This testing requirement is also on top of strict know-your-customer (KYC) identification protocols prescribed by the draft policy. Also, crypto trading platforms will be asked to maintain registers containing identifying information about all customers.
As part of the draft crypto regulations, exchanges will also have to come under a licensing regime. As part of the draft crypto regulations, a designated authority will monitor the compliance of cryptocurrency trading platforms.
This monitoring will cover matters such as risk management systems, corporate governance, and internal audits. Platforms will submit documents showing the crypto held by customers and the exchanges themselves.
On the issue of mining, the finance ministry’s draft proposal includes provisions for taxing crypto miners. In January, Russia’s President Vladimir Putin did call for regulations geared toward cryptocurrency mining.
Putin’s stance on the matter differed from that of the central bank that was in favor of a blanket ban on cryptocurrencies.
While the draft crypto regulations seek to legalize cryptocurrencies in Russia, the document still stated that virtual currencies will not be recognized as a means of payment. Instead, the finance ministry is calling for crypto to be designated as an investment vehicle.