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02 June 2020

Russia Proposes Law That Criminalizes Buying Bitcoin With Cash, Offenders Face 7 Years in Jail | Regulation Bitcoin News

Russia Proposes Law That Criminalizes Buying Bitcoin With Cash, Offenders Face 7 Years in Jail | Regulation Bitcoin News


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If signed into law, the bills will punish companies that issue or operate virtual currencies without approval from the Russian central bank, with fines of up to two million rubles or about $28,000.

The draft bills were lodged with Russia’s Ministry of Economic Development earlier this week, says a report published by local news company RBC on May 21.

People that already hold digital assets will be forced to register them with Russia’s tax agency and explain how they acquired them.

Companies that issue or circulate digital financial assets “using sites registered in Russia or technical equipment located in Russia” are especially liable under this second draft proposal.

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