Bill on fines for illegal issuance of digital assets submitted to Russia’s State Duma

The statute of limitations for bringing to justice, according to the document, is one year from the date of the offense

23.06.2022 - 13:45

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What’s new? On June 22, Chairman of the Committee on Financial Markets of the State Duma Anatoly Aksakov introduced in the lower house of Parliament a bill, according to which there is administrative liability for persons who illegally issue and exchange digital financial assets (DFA). Individuals or operators of investment platforms, who are not included in the register, will face a fine. For individuals it will be from 3 000 to 5 000 rubles, for officials - from 20 000 to 30 000 rubles and for legal entities - from 700 000 to one million rubles.

The bill

What else does the bill say? If individuals, including officials, refuse to comply with digital rights legislation when making transactions with digital assets, they will be fined similar amounts. For legal entities, the fine will range from 500 000 to 700 000 rubles. The document states that the limitation period for bringing to justice is one year from the date of the offense.

On June 14 the State Duma in the first reading adopted another bill by Aksakov, which bans payment for goods and services with DFAs.

Aksakov also said that, in September 2022, a bill on the regulation of cryptocurrencies may be submitted to the State Duma. According to him, the relevant departments are leaning toward the introduction of stricter regulations regarding the digital asset market.

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