The State Duma, the lower house of the Russian parliament receives a new bill that proposes monetary fines on anyone who illegally issues or exchanges digital financial assets (DFA).
According to the proposed bill, “the penalties range from a maximum of 5,000 Russian rubles (around $90) for individuals and 30,000 ($550) for officials, and 700,000 – 1,000,000 rubles (over $18,000) for legal entities.”
Anatoly Aksakov, the head of the legislative Financial Market Committee, is the initiator of the proposed law. Aksakov contributed to ongoing attempts to develop a thorough legal framework for Russia’s cryptocurrency industry.
Aksakov also proposed another cryptocurrency-related bill that was filed earlier this month that seeks to outlaw DFA payments in Russia. Meanwhile last month, Russian Minister Denis Manturov stated that he expects crypto legalization by this year.
If the new bill is enacted, businesses that operate exchanges or investment platforms but are not registered with the state will be subject to the penalties.
Also Read: Russia Develops Blockchain Substitute for SWIFT System
