Russia Passes Bill Criminalizing Illegal Crypto Exchanges
The Russian State Duma has passed in first reading a bill introducing criminal liability for operating crypto exchanges without a license. Penalties include fines up to 1 million rubles and up to 7 years in prison for organized groups or large-scale operations.
The Russian State Duma approved in first reading a bill that would impose criminal penalties on individuals operating cryptocurrency exchanges without a license.
The proposed law sets fines from 100,000 to 300,000 rubles or up to four years of imprisonment for basic violations. If the offense is committed by an organized group or results in particularly large income, the punishment increases to up to seven years and a fine of up to 1 million rubles.
The bill defines "large damage" as over 3.5 million rubles and "especially large damage" as over 13.5 million rubles. Investigations will be handled by the Investigative Committee and the Federal Security Service (FSB). The legislation is planned to take effect on July 1, 2027.
Source: ForkLog