Bill to impose fines on illegal issuance and exchange of digital assets proposed in Russia – Bitcoin News Regulatory

A bill imposing financial penalties on those who illegally issue or exchange digital financial assets has been introduced in the Russian parliament. Legislation was introduced by the sponsor of another bill prohibiting its use as a means of payment.

A new bill targets the issuance of Russian platforms and the circulation of cryptocurrencies outside the law

People and entities that illegally issue digital financial assets (DFA), which is the current definition of cryptocurrency in Russia, have to pay heavy fines, according to the law Project Recently submitted to the State Duma, the lower house of the Russian parliament.

If the legislation is approved, companies that are not registered with the state as operators of exchange or investment platforms will be penalized, crypto news outlet Forklog reported Thursday, citing the document.

Fines range from 5,000 Russian rubles (about $90) for individuals and 30,000 ($550) for officials, to between 700,000-1,000,000 rubles (more than $18,000) for legal entities, the report details. Companies that do not comply with regulations on digital rights (tokens) will face similar penalties, up to 700,000 rubles (about $13,000).

The bill is sponsored by Anatoly Aksakov, who heads the Parliamentary Financial Market Committee. The high-ranking deputy participated in the ongoing efforts to adopt a comprehensive legal framework for the Russian crypto sector. At the moment, the industry is only partially regulated by the Digital Financial Assets Act, which went into effect in January 2021.

Aksakov was also behind another crypto-related bill introduced earlier this month, which aims to ban payments with DFAs in Russia. While institutions in Moscow are still debating various future regulations for cryptocurrency, there is broad consensus among officials that the ruble should remain the country’s only legal currency.

At the same time, the idea of ​​allowing cryptocurrency payments in small business transactions abroad, in the face of mounting financial sanctions, has gained support, even from the Russian Central Bank, which has consistently opposed the legalization of bitcoin and the like as a means. about payment.

Another bill, the “On Digital Currency” bill, which was proposed by the Finance Ministry in February and has undergone multiple revisions since then, is supposed to regulate these matters. After the ongoing discussions on its provisions have been postponed, it is expected that they will be reviewed by Russian lawmakers during the autumn session of the State Duma.

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Aksakov, Anatoly Aksakov, bill, crypto, crypto assets, cryptocurrency, cryptocurrency, DFA, digital assets, draft law, exchange, fines, issuance, law, legislation, penalties, regulation, regulations, Russia, Russia

Do you think that the Russian authorities will place further restrictions on operations using digital assets? Share your predictions in the comments section below.

Lubomir Tasev

Lubomir Tasev is an Eastern European technologist who likes to quote Hitchens: “Being a writer is what I am, not what I do.” Besides crypto, blockchain, and fintech, international politics and economics are other sources of inspiration.

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