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Russia imposes fines on illegal issuance and exchange of digital assets proposed in Russia

Russia imposes fines on illegal issuance and exchange of digital assets proposed in Russia.The Russian parliament has a law that imposes financial penalties on those who illegally issue or exchange digital financial assets. The project was submitted by the sponsor of another bill prohibiting its use as a means of payment.


Russia imposes fines on illegal issuance and exchange of digital assets proposed in Russia


Russia imposes fines on illegal issuance and exchange of digital assets proposed in Russia


The Russian parliament imposes a financial sanctions law on those who issue or exchange illegal digital financial assets.


The issuance of Russian platforms targets a new bill and the circulation of cryptocurrencies outside the law


 Those who illegally issue digital financial assets to persons and entities (DFAs), must pay heavy fines which is the current definition of cryptocurrency in Russia, according to a bill recently submitted to the State Duma.


  Russia will impose sanctions on companies that are not registered with Russia as operators of exchange or investment platforms, if the legislation is adopted, crypto news Forklog on Thursday cited the document.


 Fines in Russia range from 5,000 rubles (about $90) for individuals and 30,000 ($550) for officials, to between 700,000-1,000,000 rubles (more than $18,000), according to the report for legal entities. Companies that do not comply with the regulations regarding digital rights (tokens) have similar penalties, up to 700,000 rubles (about $13,000).


Anatoly Aksakov's Law

Who chairs the Parliamentary Financial Market Committee bill Anatoly Aksakov. The high-ranking deputy participated in the ongoing efforts to adopt a comprehensive legal framework for the Russian crypto sector. The industry is only partially regulated at the moment, through the Digital Financial Assets Act, which took effect in January 2021.


 Behind another bill was Aksakov also related to cryptocurrency introduced earlier this month, with DFAs in Russia which aims to ban payments. Numerous future regulations for cryptocurrency While institutions in Moscow are still debating, that the ruble should remain the only legal currency in the country, there is broad consensus among officials.


 The idea of ​​allowing cryptocurrency payments at the same time, in small business transactions abroad, even from the Russian Central Bank in the face of mounting financial sanctions, has gained support, which has consistently opposed the legalization of bitcoin and the like as a means. about payment.


 Another bill meant to regulate, a bill, was proposed by Russia's Ministry of Finance in February and has undergone multiple revisions since then, after ongoing discussions have postponed these matters. About its provisions, by Russian lawmakers expected to be reviewed during the fall session of the State Council.

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