Russian Federation Introduced Criminal Liability For Operations With Cryptocurrency

The Ministry of Economic Development of the Russian Federation got several new bills that deal with the regulation of digital currencies. The updated draft law “On Digital Financial Assets”, which proposed introducing administrative and criminal liability for violating the rules for working with cryptocurrencies, drew the attention of the public the most.

The bill recognizes digital currencies as property and prohibits their issue and circulation on the territory of the Russian Federation. As a matter of fact, individuals, entrepreneurs, and legal entities have no right to make transactions with cryptocurrencies, including paying for goods and services, exchange, etc.

The bill provides, that since now Russians can own a cryptocurrency legally only once it is declared, but they are to mention the source of the acquisition of digital currencies.

The Russian Federation provided fines for illegal cryptocurrency turnover on the territory: for individuals - 50 - 500 thousand rub, for legal entities - up to 2 million rub. For violation of the rules of transactions individuals can be fined 20 - 200 thousand rub, legal entities - 100 thousand - 1 million rub. If illegal trafficking cause the damage to the state, company, or citizen of the Russian Federation, the punishment may be jail for up to 7 years.

Besides, criminal liability for the buying cryptocurrencies for the cache or by transferring funds to accounts in Russian banks is also possible.

Earlier, we wrote that in Uzbekistan again tightened the rules for the use of digital currencies. At nuclear power plants in Ukraine may begin to mine bitcoin. And also, Canada introduces new rules in the field of the сrypto industry.

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