Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, argued that Russia needs to adopt new laws to protect retail investors from the potential losses of investing in crypto, local news agency Interfax reported on Wednesday.
To this end, lawmakers in the country’s parliament are reportedly considering new legislation to limit cryptocurrency investments by non-accredited investors, he stated.
The official delivered his remarks during a Bank of Russia-backed event devoted to financial consumer protection.
“Digital currencies are subject to our enhanced focus, and we will look to provide maximum protection for our citizens who invest in digital assets because it is a new instrument, and it is quite difficult for an unskilled investor,” Aksakov said.
Cryptocurrency investment is associated with a lot of risk as well as