Russian Central Bank: No Cryptocurrency Withdrawal Restrictions, But No Legal Protection Abroad
Quick Look
Russian Central Bank Governor Elvira Nabiullina announced there are no restrictions for investors to withdraw cryptocurrency abroad, but cautioned that Russian law does not protect investors operating outside the country's jurisdiction.
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Why It Matters
Central Bank Governor Elvira Nabiullina addressed cryptocurrency withdrawal regulations during a press conference following a regulator's board meeting.
MOSCOW, July 24. /TASS/. There are no restrictions on investors for withdrawal of cryptocurrency abroad, but it is important to remember that outside the country, they lack the protection of Russian law, Central Bank Governor Elvira Nabiullina told a press conference following the regulator’s board meeting.
The Central Bank does not restrict ordinary individuals from obtaining the status of qualified investor, she said, adding that there are no restrictions on withdrawal of cryptocurrency for any type of investor. "And I would like to point out <…> that there are no restrictions on transferring cryptocurrency abroad. Both qualified and non-qualified investors will have equal rights and opportunities in this regard," Nabiullina said.
However, investors need to bear in mind that when operating abroad, they lack the protection of Russian law and, should problems arise, will be forced to resolve them within a foreign jurisdiction, she added.
Open Questions
- What specific problems might arise for investors abroad?
- What foreign jurisdictions are relevant for Russian crypto investors?
