The country wants its residents to pass a test first before investing in crypto.
Guess what country?
Russia!
It is understood the lawsuit is part of a government plan to introduce a legal framework for digital assets in the country.
They believe, this approach can prove whether investors are already aware of the risks of crypto investing or vice versa.
If the bill is passed, Russian residents interested in investing in crypto will have to take the test online.
Passing test participants have the opportunity to make crypto investments of up to $ 7,500 (RM31,398.75) annually.
For those who fail, only allowed to invest $ 630 (RM2,637.50) per year only.
More details about this test:
Is part of the know-your-customer (KYC) identification protocol.
Crypto trading platforms are required to maintain registrations that require high information about its users.
Crypto trading platforms also need to be registered to get a license.
Authorities will monitor legal compliance on all crypto exchanges.
