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Russia plans to criminalize unlicensed cryptocurrency transactions, with a maximum sentence of 7 years of forced labor
Golden Finance reports that on April 21, according to DL News, the Russian government published a draft bill on the State Duma website, proposing to hold accountable those who organize digital currency circulation without registration or without approval from the Russian Central Bank, with a maximum penalty of 7 years of forced labor.
The draft states that ordinary violators could be fined up to approximately $4,000 and sentenced to up to 4 years; large cryptocurrency trading platform operators could be fined up to approximately $13,000, and responsible individuals could face 5 to 7 years. The bill also proposes requiring most crypto transactions to be completed through commercial bank apps and imposing fines on industrialized crypto miners who fail to report activities. If approved by the State Duma and the President, the new regulations are scheduled to take effect on July 1, 2027.