Russia Proposes Severe Penalties for Illegal Crypto Exchanges

Russia has introduced a draft bill that aims to impose harsh penalties on operators of illegal cryptocurrency exchanges. According to NS3.AI, the proposed legislation could result in up to seven years of forced labor for those found guilty of running unregulated crypto trading platforms. The Russian government has highlighted the significant volume of daily trading in these unregulated markets, estimated at approximately $648 million. The bill is currently awaiting approval and, if passed, is set to become effective on July 1, 2027.