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The central bank wants to allow the purchase of cryptoassets only after the test

MOSCOW, 21 Jan – PRIME. The Bank of Russia plans to make the purchase of investment life insurance policies and digital financial assets available only to investors who have passed the test, First Deputy Chairman of the Central Bank of the Russian Federation Sergei Shvetsov told reporters. The Central Bank disclosed how much Russians have invested in “muddy” investment products “We agreed in the same way, not within the framework of this law (we are talking about a bill banning sales of complex financial products to inexperienced investors – ed.), but transferring investment life insurance (ILI), digital financial assets (CFA) and utilitarian rights to testing and life insurance, “he said. “Now for utilitarian rights and digital financial assets there are caps for amounts: 600 thousand rubles for utilitarian rights per year per person, and for CFA – 600 thousand rubles per platform per person. In order to exclude arbitration, we are translating both the ILI and the CFA with utilities into the format of testing and the “last word”. This is also important, “he added. The Central Bank of the Russian Federation previously recommended that insurers and their agents limit the sale of a number of insurance products with an investment component to those citizens who do not have professional financial knowledge. First of all, this refers to investment life insurance policies and some endowment life insurance programs (NSL). The Central Bank believes that life insurance contracts with the client’s participation in the insurer’s investment income have high investment risks and are difficult for a wide range of people to understand. On Thursday, a bill was introduced in the State Duma to prohibit the sale of sophisticated financial products to inexperienced investors before testing unqualified investors. The document postpones the introduction of mandatory testing of unqualified investors for the right to purchase complex investment products for six months – from April 1, 2022 to October 1, 2021.

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