On Friday, April 17, the government submitted a draft law to the State Duma, which proposes to introduce criminal liability for the illegal circulation of digital currency, according to the document.
The explanatory note to the document notes that this measure is necessary to ensure the transparency of the digital currency market, as well as to minimize the risks of financial crimes and to address the threats posed by the uncontrolled circulation of digital currency.
Providing services for the circulation of digital currency without a license is punishable by a fine of 100,000 to 300,000 rubles, or in the amount of earnings for a period of one to two years. It is also possible to be sentenced to forced labor for up to four years or imprisonment for the same period, with a fine of up to 80,000 rubles, or in the amount of income.
If the crime is committed by an organized group, causes damage, or generates particularly large income, the penalties are more severe. In this case, the punishment may be up to five years of forced labor or up to seven years of imprisonment with a fine of up to 1 million rubles, or in the amount of income for a period of up to five years, or without it.
It is proposed to consider more than 3.5 million rubles as a large amount of damage, and 13.5 million rubles as a particularly large amount.
The draft law provides that preliminary investigations in such criminal cases will be carried out by investigators from the Investigative Committee and the Federal Security Service.
At the same time, the draft law was accompanied by a review from the Supreme Court, which did not support the initiative in its current form. The review noted that the explanatory note did not provide a rationale for introducing criminal liability. Additionally, it did not address the issue of insufficient liability under the general rule. The Supreme Court also stated that the proposed initiative was premature before the adoption of the main law (On Digital Currency and Digital Rights).
In early April, the government submitted a bill on cryptocurrencies to the State Duma, which is the fundamental document for Europe's largest cryptocurrency market. This bill stipulates that all intermediaries, exchanges, brokers, and cryptocurrency exchanges must obtain a license from the Central Bank and meet certain requirements, including capital requirements. Only these entities will be allowed to conduct cryptocurrency transactions on behalf of citizens. Additionally, the legislation imposes stricter restrictions on unqualified investors. They will not be allowed to purchase cryptocurrencies in excess of the amount determined by the Central Bank.