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Russian Laws Propose Fines for Illicit Digital Asset Issuance Exchange

Russian Laws Propose

Russian Legislation Proposing Fines for Illegal Digital 

Asset Issuance and Exchange

The Russian parliament has received a proposal that would impose monetary fines on anyone who erroneously issues or exchanges digital currency. The proposal was proposed by the sponsor of another bill that would have prohibited using them as a form of payment.

A measure that was recently introduced to the State Duma, the lower house of the Russian government, would impose heavy fines on individuals and organizations who issued digital financial assets (DFAs), the term used to define cryptocurrencies in Russia, illegally.

If the law is passed, businesses that operate exchanges or investment platforms that are not registered with the state would be subject to penalties, according to a report published on Thursday by a local media outlet.

According to the report, the fines vary from 5,000 Russian rubles (about $90) for individuals and 30,000 rubles (about $550) for officials to between 700,000 and 1,000,000 rubles (more than $18,000) for legal entities. Similar fines, up to 700,000 rubles (almost $13,000), would apply to businesses that break the rules governing digital rights (tokens).

Aksakov is also the sponsor of another cryptocurrency-related legislation that was submitted earlier this month that seeks to outlaw DFA payments in Russia. The ruble should continue to be the only legal money in the nation, despite the fact that organizations in Moscow are still discussing several potential legislation for cryptocurrencies.

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