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Bill Imposing Fines for Illegal Issuance and Exchange of Digital Assets Proposed in Russia

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A bill has been submitted to the Russian parliament providing financial sanctions for those who illegally issue or exchange digital financial assets. The law was introduced by the sponsor of another bill banning their use as a means of payment.

The new bill is directed against Russian platforms that issue and trade digital currencies illegally

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Individuals and legal entities illegally issuing digital financial assets (DFA) – the current definition of cryptocurrency in Russia – will have to pay huge fines. bill recently submitted to the State Duma, the lower house of the Russian parliament.

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If the law passes, fines will be imposed on companies that are not registered in the state as operators of an exchange or investment platform, Forklog reported Thursday, citing the document.

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Fines range from 5,000 Russian rubles (about $90) for individuals and 30,000 rubles ($550) for officials to 700,000–1,000,000 rubles (more than $18,000) for legal entities, the report said. . Companies that do not comply with the rules regarding digital rights (tokens) will be subject to similar fines of up to 700,000 rubles (nearly $13,000).

The author of the bill is Anatoly Aksakov, who heads the parliamentary committee on the financial market. The senior deputy has been involved in ongoing efforts to adopt a comprehensive legal framework for the Russian crypto sector. At the moment, the industry is only partially regulated by the Digital Financial Assets Act, which came into force in January 2021.

Aksakov was also behind another cryptocurrency-related bill filed earlier this month that aims to ban DFA payments in Russia. While institutions in Moscow are still discussing many future rules for cryptocurrencies, there is a broad consensus among officials that the ruble should remain the only legal tender in the country.

At the same time, the idea of ​​allowing cryptocurrency payments in small business transactions abroad in the face of tightening financial sanctions received support even from the Central Bank of Russia, which has consistently opposed the legalization of bitcoins and the like as a means. payment.

These issues should be regulated by another bill – the bill “On Digital Currency”, which was proposed by the Ministry of Finance in February and has since been repeatedly finalized. Due to ongoing discussions on its provisions, it is expected to be considered by Russian legislators at the fall session of the Duma.

Do you think the Russian authorities will introduce other restrictions on transactions with digital assets? Share your expectations in the comments section below.

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Credit : news.bitcoin.com

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