Russia Proposes Stiff Penalties for Unlicensed Crypto Operations

Russia's move to regulate its cryptocurrency market has taken a significant step forward with the introduction of a new legislation proposal. According to the draft law, individuals or entities engaging in unregistered crypto services will face severe consequences, including fines and imprisonment.

The bill proposes to introduce Article 1717, which would make it mandatory for digital currency circulation operations to obtain registration or a special permit from the country's central bank. Those who fail to comply with these regulations could be penalized with up to four years in prison and fines of $4,000. The penalties may increase if part of an organized group or resulting in significant damage or income extraction.