💰 Proposed Fines for Cryptocurrency Transactions in Russia

🔔 The State Duma of Russia is considering new regulations that would impose fines of up to 1 million rubles for organizations involved in cryptocurrency transactions without proper testing. A new article is set to be added to the Administrative Offenses Code, establishing penalties for violations of cryptocurrency exchange rules.

💼 Fines will apply to organizations conducting cryptocurrency exchanges with non-qualified investors. For individuals, fines will range from 30,000 to 50,000 rubles, while legal entities could face penalties between 700,000 and 1,000,000 rubles. These amendments are expected to take effect on July 1, 2027, alongside a requirement for operations to be conducted exclusively through licensed intermediaries.

⚠️ The proposed legislation is linked to the basic law project "On Digital Currency and Digital Rights", which introduces new concepts such as "circulation of digital currency" and "organization of digital currency circulation". It also outlines the rules for market access for digital currency organizers and the conditions under which residents can engage in digital currency transactions.

🔗 For non-qualified individual investors, mandatory testing will be implemented, along with an annual purchase limit (if set by the Central Bank) and access restricted to cryptocurrencies traded on Russian exchanges. Russian exchange companies with a monthly turnover exceeding 3,500,000 rubles will be required to register with the Central Bank. Transactions involving digital currencies must be conducted through legal intermediaries that comply with anti-money laundering and counter-terrorism financing regulations.