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Proposed Russian crypto regulations to require online exams for investors

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.

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