New Bill Details Potential Russian Ban on Cryptocurrencies, Other Policy Changes

Russia may be changing up its laws surrounding cryptocurrencies and illegal activities. A proposed bill would make it so those who illegally traffic cryptocurrencies could face up to 7 years in prison on top of a fine of up to 2 million rubles, according to a report from RBC.ru.

The documents detailing such information were posted in an OrderCom Telegram channel, which is a financial channel on the private chat messaging application, the publication reports.

The publication then details the information.

One detail says that the fine for illegally trafficking cryptocurrencies could reach anywhere from 50 thousand to 500 thousand rubles. This could be for individuals making any transactions with such assets, or for anyone who provides services utilizing such assets.

However, more official groups could face anywhere from 100 thousand to 1 million rubles in fines, as well as disqualification from six months to a year.

On top of this, another part of the bill notes that cryptocurrencies should not be circulated illegally. Instead, only holders can be “individuals, sole proprietors, or companies.” That and these groups must declare these cryptocurrencies on tax reports.

Finally, there is a detailed bill that proposes the potential ban on all cryptocurrencies. Even holding such assets could be illegal should this bill ever see the light of day, the publication reports.