Russia Proposes Criminal Penalties for Unregistered Crypto Services
- A draft bill submitted to the State Duma proposes criminal liability for entities offering crypto services without regulatory approval from Russia’s central bank.
- Individuals operating without registration could face fines up to $4,000 and prison sentences of up to four years.
- Organized groups committing similar offenses may incur penalties of compulsory labor for five years or imprisonment for seven years.
- The bill also includes fines that can reach up to one million rubles (approximately $13,100) based on the convicted person’s income.
- The Supreme Court of Russia has criticized the bill as lacking justification and labeled it “premature” until a related law is enacted in July.
This legislative move aims to strengthen government oversight over the crypto industry in Russia, following earlier proposals targeting illegal mining activities. If passed, it would significantly impact unregistered digital asset services in the country.
The proposed penalties highlight the government’s intention to regulate the crypto sector more stringently, with potential fines reaching up to $4,000 and prison terms of up to four years for non-compliance. (Source)
