TL;RD:
The Russian government is tightening control over the digital asset ecosystem. Through a new bill presented to the State Duma, it seeks to criminally punish the offering of unregistered crypto services before financial authorities.
This legislative initiative arises in a context of high volatility and global regulatory pressure. The document proposes fines of up to one million rubles (about $13,100) or the garnishment of wages for five years for those operating outside the established legal framework.
The proposal also details that the organization of the circulation of non-tangible assets without the approval of the Bank of Russia will be classified as a crime. Lawmakers argue that these measures are necessary to combat money laundering and the evasion of international sanctions.
Despite the government’s push, the Supreme Court of Russia has expressed significant reservations. According to reports from the local outlet RBC, the magistrates consider that the proposal lacks a solid legal basis and could be labeled as “premature” in the current environment.
This legal debate coincides with critical incidents in the local industry, such as the recent hack of the Grinex exchange. The platform suffered a loss of $13.7 million, which has intensified the official discourse regarding the insecurity of unregulated firms.
On the other hand, the regulations aim to align with the package of laws on illegal mining approved in March. With this, the Kremlin seeks to centralize all exchange operations under supervised national platforms, limiting the flight of capital to foreign exchanges.
Russia is accelerating its transition toward a strictly monitored crypto-asset market. The approval of this law would mark the end of the gray area for exchanges, forcing industry players to obtain state licenses under the threat of severe prison sentences.
