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Friday

18 September 2020

Russian Government Set to Impose Fines and Imprisonment for Illegal Crypto Activities

Russian Government Set to Impose Fines and Imprisonment for Illegal Crypto Activities


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The crypto landscape in Russia may soon be facing harsh laws as authorities have proposed new draft bills that seek to fine and imprison the illegal use of cryptocurrencies in the country. .

As contained in the draft bills, individuals and crypto businesses guilty of cryptocurrency violations will be made to pay hefty fines or serve jail terms.

The second draft bill also proposes to fine and imprison crypto violations that cause damage to Russians or the state and individuals who purchase crypto for fiat or through bank transfer using any bank in Russia.

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