A bill to impose financial penalties on those who illegally issue or exchange digital financial assets has been submitted to the 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 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 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 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 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.

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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. lawmakers are expected to review it during the fall session of the Duma as ongoing discussions on its provisions are delayed.

tags in this story

Aksakov, Anatoly Aksakov, bill, crypto, crypto assets, Cryptocurrencies, Cryptocurrency, DFA, digital assets, draft law, exchange, fine, issuance, law, legislation, penalty, regulation, regulation, russia,

Do you think authorities will introduce additional restrictions on the operation of digital assets? Share your expectations in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

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