Russian politicians are currently busy with the drafting of a bill that will regulate crowdfunding efforts in the crypto and blockchain industry. This is the next step in a regulatory spree which started last May with three bills affecting the local industry.
Although the first versions of the law did not include any restrictions about investment amounts, in the latest development it seems as if a ceiling per citizen of $9,000 per year will be established. Moreover, if the bills goes as currently planned, Russians won´t be allowed to invest more than $1,500 per individual project.
The provision appears to be set in place specialy for protecting retail investors, as financial institutions and certified investors will be able to exceed the limits set for smaller parties, pending verification from the regulator in order to avoid fraud or asset laundering.
It seems as a further step in the same direction the Russian executive had already taken before, with the Minister of Economic Development calling Bitcoin a “soap bubble”, but recognizing it as a catalyst for innovation as well.