Russia Proposes Harsh Penalties for Unlicensed Crypto Services

Russia is taking a stricter approach to regulating its crypto industry with a proposed bill that would penalize unlicensed services.

The draft law, submitted to the State Duma, aims to amend the country's criminal code and impose fines of up to 300,000 rubles on individuals and businesses operating without authorization. Those convicted could also face prison terms of up to four years or forced labor.

In cases involving significant damage, such as losses exceeding 3.5 million rubles, offenders may be subjected to harsher penalties, including imprisonment for up to seven years and fines of up to one million rubles.