Russia Cracks Down on Illegal Crypto Operations with Harsher Penalties

Russia has taken a significant step in its efforts to regulate the cryptocurrency market by approving stricter penalties for individuals involved in operations outside of the country's upcoming regulations.

The government plans to punish those responsible with prison sentences of up to seven years, as well as fines reaching one million rubles. These measures are part of a comprehensive plan to regulate the crypto market and bring it out of the shadow economy.

The new legislation defines anything above 3.5 million rubles as major financial damage or income, while amounts exceeding 13.5 million rubles will be considered especially large damage or income.