Russia drafts bill imposing fines up to 1 million rubles for illicit issuance of digital assets

A bill proposing administrative liability for the illegal issuance and exchange of digital financial assets (DFAs).

Those issuing such assets and not included in the register of DFA exchange operators or operators of DFA investment platforms face fines of:

• 3,000–5,000 rubles for individuals;
• 20,000–30,000 rubles for officials;
• 700,000–1,000,000 rubles for legal entities.

Non-compliance with the legislation on digital rights in DFA transactions carries similar fines for individuals and officials. For legal entities the penalty will range from 500,000 to 700,000 rubles.

The statute of limitations for liability is one year from the date of the respective offense, according to the document.

The initiative’s author was Anatoly Aksakov, head of the Committee on the Financial Market.

Earlier he introduced a bill proposing ban on using DFAs as a means of payment on the territory of the Russian Federation. The document was approved in the first reading.

In May, the State Duma also adopted in the first reading a bill on taxing DFA operations. ForkLog lawyers noted that it does not concern cryptocurrencies.

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