Russia Proposes Bill to Criminalize Unregistered Crypto Services

Russia has introduced a draft bill aimed at criminalizing unregistered cryptocurrency services, proposing penalties of up to seven years in prison for violations by organized groups. According to NS3.AI, the legislation would mandate that entities involved in digital currency circulation obtain a license from the Bank of Russia. Individuals found in violation could face fines of up to $4,000. However, Russia's Supreme Court has indicated that implementing criminal penalties may be premature until the Digital Currency and Digital Rights law is anticipated to come into effect in July.