Russia considers Draconia rules for illegal cryptocurrency activity

The harsh new rules that cause many users of digital assets to be punished with fines or prisons could soon become law in Russia.

A new bill that outlines how Russia should regulate cryptocurrencies was sent to the state parliament, Duma, earlier this week. Although the planned official website for the law has not been updated, the two documents were published on OrderCom Telegram and confirmed as real by RBK sources.

Legislative proposals were reported by employees at the Skolkovo Digital Economy and Business Acceleration team. They are looking for a new version of the digital asset bill, which has been stuck in Duma for more than two years, as well as additions focused on cryptocurrencies to the nation's criminal code.

The first draft will regulate digital currencies in Russia. Or, for greater certainty, banning the issuance and operation of digital currencies in the country. Even distribution of information on such activities will be prohibited.

Read more: Russian Bank says New Digital Asset Bill Will Outlaw Crypto trading, issued

Individuals and companies will not be allowed to accept digital currencies as payment, unless they are inherited, distributed to the debtor of a bankrupt or confiscated company as a result of court. Holders of cryptocurrencies should report to the tax authorities, as well as provide information on how to buy them.

The second draft will introduce a new article on the criminal code that brings sanctions for illegal activities with digital assets.

If approved, the issuance of digital assets in Russia without approval listed on a register that has not been created at the country's central bank will see a company fined up to two million rubles (nearly $ 28,000). la). The same fine is proposed for organizing activities with digital assets and cryptocurrencies without approval, while individuals will face fines of up to $ 2,800.

Buying cryptocurrencies for cash or via bank transfer from Russian banks will be fined up to one million Russian rubles ($ 14,000) or up to seven years in prison, depending on the size of the agreement. The same penalty will be in store for those who accept cryptocurrencies for goods and services.

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If such a business is particularly profitable for others or does great damage to citizens and the state, the proposal will put that person in bars for up to seven years or even a break. forced action. Facilitating the purchase of cryptocurrencies, if doing so in some way, has brought significant losses to the state or individual or especially to the operator's large profits, which could result in years of years in prison.

Referring to a central bank register shows that legislators are providing time for some formally sanctioned entities to issue and use digital assets, while most operate. General will be banned.

According to RBK's report, Anatoly Aksakov, director of the Duma Committee on Financial Markets, confirmed the authenticity of the documents, but said they were not finalized.

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