Russia Cracks Down on Unregistered Crypto Services with New Bill

Russia is taking steps to assert control over its cryptocurrency industry by proposing a new law that would penalize unregistered digital asset services.

According to the draft bill, entities operating without a license from Russia's central bank could face fines and prison time. Individuals found guilty of unlicensed activities may receive penalties ranging from $4,000 in fines to up to four years in prison.