Russian politicians survive crypto business …


Inside The Cryptocurrency Revolution

Russian politicians survive crypto business ...

Russian politicians are surviving crypto business from the domestic market

  • Russia wants to completely ban cryptocurrency

  • The adoption of the bill will prohibit the operation of crypto-exchanges

  • Cryptocurrency holders risk going to jail for 7 years

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Deputies of the Russian State Duma have developed a new bill that provides for administrative and criminal liability for violations of the use of digital currency, which includes crypto coins, digital financial assets and digital rights. It is assumed that the fines will reach 2 million rubles.

Russian politicians survive crypto business ...

Pay a fine or go to jail


Anatoly Aksakov, head of the State Duma’s Financial Markets Committee, confirmed that such a bill had indeed been developed and presented for discussion. However, it has not yet been adopted and discussions are ongoing. If the document is approved, then Russian traders and investors run the risk of falling under criminal prosecution. According to the version of the bill, violators can receive fines ranging from 20 thousand to 2 million rubles. At the moment, the following forms of punishment for violations have been proposed:

  1. Organization of illegal circulation of digital financial assets (DFA) and digital currencies, making transactions with them, including with foreign DFA and digital rights (including DFA and other rights), or for the provision of services for the issuance of digital rights and digital currency using websites, registered in Russia, or technical means located in the country:
    Russian politicians survive crypto business ...
  • – 50 thousand – 500 thousand rubles for individuals
  • – 100 thousand to 1 million rubles for officials;
  • – 200 thousand – 2 million rubles for legal entities.
  1. For violation of the rules for making transactions with digital currencies, digital currencies and rights, if they are used as payment for goods, work or services rendered, confiscation of assets is threatened, as well as a fine:
  • – 20 thousand – 200 thousand rubles for individuals;
  • – 50 thousand to 400 thousand rubles for officials;
  • Russian politicians survive crypto business ...
  • – 100 thousand – 1 million rubles for legal entities.
  1. In the event that the above actions have caused damage to citizens on an especially large scale, as well as for the purchase of digital currency for cash or by transferring funds to accounts opened with Russian banks, criminal liability is provided in the form of imprisonment for up to 7 years, and also payment of compensation in the amount of 500 thousand to 1 million rubles.

Also, the package of submitted initiatives includes other bills that consider tokens as property, and cryptocurrency holders must declare it to the tax authorities. This approach caused a storm of indignation among crypto enthusiasts..

The adoption of the bill will kill the crypto market


BeInCrypto asked the experts what the adoption of such bills threatens the market. As it turned out, immediately after the consideration of the bill, the first closed meeting was attended by members of the Commission for the Development of Blockchain Technologies and the Crypto-Economy of Investment Russia, which included representatives of the largest cryptocurrency exchanges such as Binance, EXMO, OKEx, Coinbene.

“The existing approach in the legislative part, which is currently proposed, will completely cut off Russia from further development in the field of crypto-economy. The proposed versions of the draft laws are aimed at lobbying the interests of Russian banks and completely displacing the presence of international cryptocurrency exchanges. Tough regulatory measures will lead to the complete abandonment of IT projects in Russia and exclude Russia for many years as one of the leaders in the development of blockchain technologies, “said the chairman of the commission Nikolai Gadzhiev in an exclusive comment..

If the bill is passed, then many cryptocurrency companies will be forced to leave the market. And, most likely, they will find refuge in Ukraine, which is already preparing a new bill on the legalization of digital currencies in the country..


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