Russia Proposes Strict Penalties for Unregistered Cryptocurrency Activities

Russia's government has introduced a draft bill on the State Duma's website, aiming to impose criminal penalties for organizing digital currency circulation without registration or permission from the Russian Central Bank. According to ChainCatcher, the proposed legislation outlines fines of up to $4,000 and a maximum sentence of four years for ordinary violators. Operators of large cryptocurrency exchanges could face fines up to $13,000, with responsible individuals potentially receiving sentences of five to seven years. The bill also suggests that most cryptocurrency transactions should be conducted through commercial bank apps and proposes penalties for industrial-scale crypto miners who fail to report their activities. If approved by the State Duma and the President, the new regulations are set to take effect on July 1, 2027.