Russia to enact a law against illegal crypto operations

Russia to enact a law against illegal crypto operations

Russia is going to introduce draconian rules to bring many digital assets users to book with fines or prisons. The newly draft bill is circulating in the parliament of the country over how to regulate cryptocurrencies. But there is no clue yet from their official website. The legislative proposals were written by staff at the Digital Economy think tank and the Skolkovo business accelerator. The act is marking a new vision in the digital assets sector and focusing on country’s crypto criminal code.

The law will influence all operations of crypto and with this law distributing information about such activities would be banned. Companies and individuals won’t be allowed to accept cryptocurrencies as payment but those who inherit digital currencies, distributed to the debtors of a bankrupt company. People who have cryptocurrencies should disclose it to tax agencies along with the detail how they purchased.

The enactment of the law will outlaw digital assets which are not approved for listing on a yet-to-be created register at the central bank of Russia. The punishment of unregistered companies of digital currencies will be to come under fine for up to two million rubles. The same punishment would be ascertained for organizing operations with digital assets and cryptocurrencies without approval.

One million Russian rubles or up to seven years of prison will be granted as a charge to those who buy crypto for cash through any bank of Russia. And those who accept crypto for services or goods will come under this punishment too. If any large damage or profit descends down to the citizen or state, this would put those involves of the deal to prison for up to seven years. The act seems that only some officially sanctioned entities will be able to issue and use digital assets even though the authenticity of the documents have not been finalized yet.

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