How do you see Russian's capping unexperienced traders to invest $3800 only

[Dictator69]

Aksakov said the legislation would give so-called unqualified investors, such as retail traders, limited access to crypto, capped at 300,000 rubles ($3,800).

He added that “professional participants” who can pass income and knowledge or education criteria would be able to trade in crypto “without restrictions.”

https://cointelegraph.com/news/russia-bill-open-crypto-aims-common-occurrence-report

They are allowing their inexperienced citizens to only invest $3800 in cryptocurrency unless they prove that they know what they are doing, and they have the crypto trading or investing knowledge. From one point, I am seeing it as a good step because they don't want their citizens to lose money on cryptocurrency, so they are giving them a cap to invest.

On the other hand, it can be taken as state overreaching into the personal finances of a citizen. I wonder if they do it for stock or other trading as well.

How do you see this step from the trading point of view? Is it good?

[freedomgo]

It definitely has a basis. They wouldn’t come up with a policy like that to limit newbies if they weren’t already seeing reports of beginners losing money in crypto investing or trading. From how I see it, they’re just trying to minimize risk, and if that’s for the good of the majority, then it’s a reasonable move.

And based on the news, professional traders won’t have those limits anyway.
So overall, it looks like a good bill.

https://www.tradingview.com/news/cointelegraph:97f83ab95094b:0-russia-plans-limited-crypto-access-for-retail-investors-lawmaker-says/

He added that “professional participants” who can pass income and knowledge or education criteria would be able to trade in crypto “without restrictions.”

[davis196]

How do you see this step from the trading point of view? Is it good?

Honestly, I don't care, because I'm not Russian and I don't think that such regulations would ever be imposed in other countries.
I can see the reasons behind such regulation, but I wonder how the Russian authorities are going to examine the level of crypto knowledge and experience of the crypto exchange traders. Taking a certain kind of "crypto test" seems like the most obvious option, but the answers of such tests can be leaked and published online. Such regulation can only make more Russian crypto traders to leave the Russian cryptocurrency exchanges and open accounts in foreign crypto trading platforms.

[m2017]

They are allowing their inexperienced citizens to only invest $3800 in cryptocurrency unless they prove that they know what they are doing, and they have the crypto trading or investing knowledge. From one point, I am seeing it as a good step because they don't want their citizens to lose money on cryptocurrency, so they are giving them a cap to invest.

At first glance, this seems like "caring" on the part of the state, but is it really so? Let's look at the situation differently.

Does the state restrict its citizens from participating in lotteries or gambling (in monetary terms)? No. In other words, citizens can effectively lose an infinite amount of money on the lottery \ gambling. Or the traditional stock market: there are no limits on investment amounts here either.

On the other hand, it can be taken as state overreaching into the personal finances of a citizen. I wonder if they do it for stock or other trading as well.

I would call this excessive concern for the wallets of its citizens.

Yes, Russian citizens must use brokers to trade stocks, but the most important issue is taxation. Income from securities is taxable. Could this be the reason for the "excessive government intervention in citizens personal finances"?

I assume that the income from the $3,800 invested will also be taxed.

How do you see this step from the trading point of view? Is it good?

From an investor's perspective, any restriction on "freedom of action" is bad, as it prevents investors from fully "taking control of their financial lives". As far as I know, there are no limits on the amount of investment in securities, especially domestic stocks. Such restrictions appear to be attempts to influence the "direction" of investments and force investors to invest in the traditional (easily controlled) securities market (domestic) and stimulate the domestic economy.

[Charles-Tim]

Does the state restrict its citizens from participating in lotteries or gambling (in monetary terms)? No. In other words, citizens can effectively lose an infinite amount of money on the lottery \ gambling. Or the traditional stock market: there are no limits on investment amounts here either.

You do not even need to go to what is not related to cryptocurrencies. The exchange that people on this forum talked bad about because it is a shady exchanges called Yobit, it is a Russian exchange. The exchange is used very well by Russians.

Go to other centralized crypto exchanges and go through the lists of countries that are allowed to register and make use of their exchanges, Federation of Russia is always among them. People of Russia are using the centralized exchanges that also support future trading.

[snowpega]

<snip>
How do you see this step from the trading point of view? Is it good?

I am seeing this as a good step, as they don't want their people to lose their money, and if they don't have much knowledge about the crypto space, then they are making this kind of rule so that people do not gamble with their earned money and do not get trapped in the crypto space. Whatever I have experienced so far is that many users just start to invest their earned money in the crypto space without having sufficient knowledge about it. Many join Telegram channels from where they get rubbish/shit signals and think that they will earn money from those signals, haha.

This is just like you are playing bluff without zero knowledge. Other than this, one should only invest in the crypto space if they think and feel that they are ready to jump into this space. One more thing is that it is crystal clear that if one is jumping directly to trader space, then it is 100% sure that persons need too much knowledge about the market, as he needs to learn about TA(technical analysis) and FA(fundamental analysis). One needs to learn to make safe themselves from FOMO, FUD, etc. But starting from investing in bitcoin for a long time with having little knowledge fits more better as a newbie in this space. This is my point of view on this. DYOR!

[Potato Chips]

I'm not from Russia, but if this happened in my place. I don't think I'd be glad LOL—personally speaking. I see the pros but...

I just don't need another reason for the government to snoop on my affairs as this would definitely entail some tracking on their end, no? And I wouldn't be surprised if they end up banning privacy oriented exchanges as well.

Who knows how will they measure your knowledge as well. IMO it can be good or a nothing burger.

[Coyster]

The news is not all bleak if you read it all and not just the excerpt in the OP. And yes it is still a bill and isn't law yet. Cryptocurrency is regarded as a property in Russia and the government banned its use as a payment. But i believe that is set to change if this bill is passed into law:

A bill has already been prepared that removes cryptocurrencies from special financial regulation, that is, they will be a common occurrence in our lives," he added.

If this happens, then i guess people will be able to spend crypto, which includes bitcoin. Russia has been hit with a load of sanctions since the invasion of Ukraine and now they are set to relax some of their crypto rules, set a clear regulatory framework for crypto and crypto services. That said, the idea of a cap for "inexperienced" traders sounds like bullshit, how do you qualify one as "qualified".

[BitMaxz]

For newbies who do not have much experience and knowledge about crypto, limiting is a good way to avoid their citizens losing investments in crypto, but the $3800 is still a high limit. I don't know how much the value of their money is there, but here that's a huge amount of money. I'm fine with $500 limits for newbies it's a good start to explore crypto. Until they gain knowledge and know how to avoid scam project.

[Supreme Donvic]

For newbies who do not have much experience and knowledge about crypto, limiting is a good way to avoid their citizens losing investments in crypto, but the $3800 is still a high limit. I don't know how much the value of their money is there, but here that's a huge amount of money. I'm fine with $500 limits for newbies it's a good start to explore crypto. Until they gain knowledge and know how to avoid scam project.

Yes it’s a good one to limit newbie’s so they won’t lose huge amount of money because if they are not limited and they lose huge amount of money they will sure enter into frustration and that frustration can lead them in committing different kind of crime so the government doing this is just a way to protect there citizens from frustration and also from getting scammed. I love the step taken by the government and yes they should have even reduced the money because to me $3800 is still a huge amount of money.