Russia introduces bill to criminalize unregistered crypto services

Individuals and groups would be required to register with the Bank of Russia before offering certain crypto services, or potentially face fines and prison time.

Russia’s government submitted a bill to its parliament’s lower house in an effort to amend the country’s legal code to attach criminal liability for crypto services offered without regulatory approval or licensing.

In a draft law sent to the State Duma on Friday, Russian lawmakers proposed that entities “carrying out activities related to the organization of digital currency circulation,” that operate without a license from Russia’s central bank, could be subject to criminal liability.

Without registration with the Bank of Russia, individuals could face up to $4,000 in fines and up to four years in prison, or more severe penalties if part of an organized group.

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