A bill to impose financial penalties on those who illegally issue or exchange digital financial assets has been submitted to the Russian parliament. The legislation was submitted by the sponsors of another draft law that would ban its use as a means of payment.
New bill targets Russian platforms for issuing and trading digital currencies outside the law
According to a bill recently submitted to the State Duma, the lower house of Russia’s parliament, individuals and entities that illegally issue digital financial assets (DFAs) — Russia’s current definition of cryptocurrencies — will have to pay hefty fines.
Citing the document, crypto news outlet Forklog reported on Thursday that if the legislation is passed, penalties will be imposed on companies that are not registered with the state as operators of exchanges or investment platforms.
Fines ranged from up to 5,000 Russian rubles (about $90) for individuals and 30,000 rubles ($550) for officials to up to 700,000 to 1,000,000 rubles (over $18,000) for legal entities, the report detailed. Businesses that do not comply with regulations related to digital rights (tokens) will face similar penalties of up to 700,000 rubles (~$13,000).
The draft law was proposed by Anatoly Aksakov, chairman of the parliamentary committee on financial markets. The senior deputy has been involved in ongoing efforts to adopt a comprehensive legal framework for the Russian crypto industry. Currently, the industry is only partially regulated by the “Digital Financial Assets” law that came into effect in January 2021.
Aksakov also backed another cryptocurrency-related bill submitted earlier this month to ban payments to DFA in Russia. While Moscow’s institutions are still debating many future regulations for cryptocurrencies, officials generally agree that the ruble should remain the country’s only legal tender.
At the same time, in the face of mounting financial sanctions, the idea of allowing crypto payments in small business transactions abroad has gained traction, even by Russia’s central bank, which has been opposed to legalization such as bitcoin. payment.
Another draft law, the “On Digital Currency” bill, was introduced by the Ministry of Finance in February and has since been revised several times to regulate these issues. Russian lawmakers are expected to review it during the fall session of the Duma as ongoing discussions on its provisions are delayed.
Do you think Russian authorities will impose additional restrictions on the operation of digital assets? Share your expectations in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, EO
Disclaimer: This article is for informational purposes only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.