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

[iBaba]

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.

My thoughts on this may not be completely accurate with the reality since I'm not a Russian myself, nevertheless I think what  the government is doing is trying to serve as regulators that wants to force learning on people before they actually become exposed to it. For example since the government already understand that volatile nature of crypto and also understand that alot of people are jumping into it with zero understanding then end up losing their money and blaming the system, they have decided to put a cap to protect their inexperienced from blowing up their money over night due to wrong decisions.

Although some people are complaining that they are overdoing things and over stressing people and that adults should be allowed to trade or invest in crypto in as much as the money they are using belongs to them and not that of the government then it should not have some limitations to what they want to use their money for as adults.

[Alpen]

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?

It’s obvious you’re either not a trader or just started in crypto. If you didn’t know, digital currency transactions were initially banned in many places, not just Russia. China might never officially allow them, yet Chinese users account for 68% of all USDT volume.

Take Forex in Russia, for example: it was banned for 20 years, but that didn't stop an entire army of Russian traders from operating there. Crypto is no different. My advice: pick a company licensed in a jurisdiction that doesn’t share data with your local tax authorities. Personally, I’ve been using Cryptomus, HTX, and Poloniex for years without any issues.

If you want maximum security, trade via Metamask or other non-custodial wallets on DEXs, then swap your crypto for fiat through P2P services. For those in Russia, Bestchange is the best way to find reliable P2P options.

[Dictator69]

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.

Actually a lot of other countries have also approached the same method but they did not capped them to some specific amount first they will assess the retail traders first by some test and then they will be allowed to trade. For example, Hong Kong, Japan, Singapore etc.

I think it is a good step that will help all the new traders understand the real risks of trading and how much they can lose. This step is just to keep them aware and trade with the amount only that will not impact their lives if they lost those funds. No trader is going to leave Russia for this.

[Wind_FURY]

What right does the State have to tell me what to do with MY own money.

Governments are used to controlling their citizens financial lives through their fiat, they print it how they like and they implement financial policies that influence the money in our pockets. That is why it is so difficult to find a government that enjoys their citizens using bitcoin, because what that does is take some financial control out of their hands.

That said, people are currently not allowed to spend bitcoin as payment in Russia and the government is trying to ease that, but in doing so, they also want to roll out this weird law about a cap on crypto trading.

Therefore, buy as much Bitcoin as you can if you're living in Russia, before they implement that into law. It's probably another one of those situations when you need to buy at any price/without thinking about capital efficiency.

Plus there doesn't need to be any permission, from any government, to spend Bitcoin. It's designed to be permissionless, and censorship-resistant.

[michellee]

That is good for people so they can think twice to using huge money in crypto especially if they don't have proper knowledge Citizens must have knowledge about crypto trading and crypto investing so they know how to manages their funds and all things related. The government don't wants their citizens lose much money without having knowledge and not ready with the risks. Citizens needs to aware that crypto have risks so without having proper knowledge, they can loss anytime. If citizens can following this and learning more about crypto, they can increases the limits because they can manages their funds and the important thing is they can be careful using their money.

[Synchronice]

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?

The sad fact is that people are so stupid that they want control from someone else. Lots of people scream freedom, freedom but 99% of them don't want responsibilities. Freedom means responsibility over your actions but people prefer to follow orders and maybe that's because of the fact that the majority of the population was slave for centuries.

For the majority of the population, this is a good news because they love restrictions and this is a kind of restriction that can save many families from the stupid actions of their members but on the other hand, for independent people, who love taking responsibilities and prefer freedom, it's not a good news.
In general, for the society it's good but for some individuals, it's bad.

[tvplus006]

…In general, for the society it's good but for some individuals, it's bad.

I can assume that even if this bill is passed, the subordinate instructions will set such a fee for obtaining a qualification that this price will be very high for most of those who want it.

[Jatiluhung]

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

Ah, if there were regulations like this in my country, I would feel completely disgusted and feel like a puppet controlled by its master. This only reduces freedom. Perhaps the country's intentions are good, but personally, I don't like this kind of thing. I don't even like people looking at my trading profit and loss ratio. Does that mean that everything is monitored and I have to submit reports with evidence and so on?

Honestly, this is not comfortable at all from my perspective. But well, maybe because in my country, financial matters are very free. So I wouldn't be used to such restrictions, even if the intentions are good.

[LastKiss]

I don’t mind if this is implemented in my country, many beginners here are getting rekt by investing in memecoins or trading it without proper knowledge and risk management. Limiting investments to around $3,800 doesn’t mean limiting the potential for profit. With discipline and a solid strategy, it’s not impossible to grow $3k into $30k over time. The government likely understands they need to protect people from excessive losses in cryptocurrency. Encouraging citizens to spend and invest domestically instead also makes sense, as it can indirectly reduce pressure on the national fiat currency.

[Lida93]

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.

I would feel bad too. I can't imagine how low the capping is, a show of care from the government to their citizens. That's the excuse out behind. Of course the centralised censorship systems will always give good reasons to want to snoop in to control people's privacy, deciding things for them.

Now every Russia has to develop to a professional trader if they must go above the cap.

[SquallLeonhart]

Capping people is not really a good move, because you are giving the government power over it's people. We need to remember, the whole point of democracy is that the powerful are not powerful and they are just our workers.

A president isn't the most powerful person in the nation, that is what Americans boast but they are wrong and very naïve to think that, a president is a government worker, just like someone who works at DMV or whatever, but elected instead of appointed. Act like that, and they will do better by you, let them think they are kings and they will act accordingly.

[BitMaxz]

I am fine with no limit. People who look to get involved in crypto ought to do their homework and understand their appetite for risks, confining them to a certain limit makes no sense if you aren't going to do it for other assets, except the government somehow believes that crypto is the only risky asset out there, which is very false.

That said, another hurdle is how you get to decide who has sufficient knowledge to go above that cap. I read the news and there was no hint of how they are going to doing it, maybe because even they have not thought it through.

Well, that's a government concern. I've been here in crypto since 2015. I never experienced those limits at the beginning, but I ended up being scammed by many investment sites. It's actually more than $500 if I calculate how much I invested that I thought would give me the freedom. But all of them just give me a small profit at first and then suddenly disappear. I don't know why other crypto users said that I just selected the wrong site to invest in. Until I can't find the answer to all my questions about how to recover my losses. That's why I ended up being here on the forum because of those scam investment sites and made a thread on how to recover stolen investments from scam cloud mining and investment sites.

So the government just wants to protect newbies; $500 is the right limit to avoid those scenarios that happne to me.

[Dr.Bitcoin_Strange]

If this limit is put so that each inexperienced retail trader will not spend more than $3, 800 in a year, then I feel it's okay, but if they are putting the limit for a life time in such a way that a retail trader can not invest more than $3800 in their entire life, then it's very unacceptable. Secondly, if this restriction also means that a citizen there can not invest more than $3,800 into Bitcoin, I still consider it unacceptable (note: investment to hold is not same as trading). So, if they restrict inexperienced crypto enthusiasts from buying Bitcoin that is worth more than $3,800, then it's still not good.

If someone is new in crypto, they could be inexperienced but when they remain consistent for 6 months, they can become better and then the this limit by the government can be a drawback for them.

[Powerjumboo]

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?

I will not consider their move badly, I will consider their move well because they have taken such a decision to keep the newbies in cryptocurrency and the cryptocurrency trading platform alive. There are many new traders and many new investors who invest a lot of money and enter the trading platform without being experienced in trading and investing, as a result of which they have to face losses due to this inexperience and to keep these losses within a standard and to keep people away from harm, I applaud this decision by raising my hand.

[YOSHIE]

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

If you look at it from the negative side, of course the Russian government's view is what you said towards the traffickers, but if you look at it from the positive side it's a different story.

The Russian government, the steps taken are wise, because they know that trading activities in the crypto market are high risk, This means that by limiting crypto traders who do not have trades, there will certainly be a repeat risk of loss for them, that is a positive point that can be taken.

In essence, as far as I know, every time the government makes a decision they have conducted a survey of people who carry out crypto trading activities, Maybe they know that the losses suffered by the Russian people are greater than the profits, so they apply money limit rules that are used by those who are inexperienced.