Russia Considers Imposing Severe Penalties for Unlicensed Crypto Trading

Russia's government is considering a new law that would hold individuals accountable for engaging in cryptocurrency trading without proper authorization. According to the draft proposal from the Russian State Duma, anyone caught participating in unlicensed crypto operations could face significant penalties.

The proposed fines range from approximately $1,300 to $4,000 for individuals who buy or sell cryptocurrencies without permission, which is equivalent to about 10 thousand to 29 thousand yuan. Major exchange operators could face even steeper consequences, including up to 5-7 years in prison and a maximum fine of around $13,000 (about 94 thousand yuan).

If the bill passes, it's expected to take effect as early as July 1, 2027, marking a significant shift in Russia's stance on cryptocurrency regulation. The government aims to crack down on unlicensed activities and promote transparency in the market.