Russia Considering Draconian Rules for Illegal Crypto Operations

Harsh new rules making many uses of digital assets punishable with fines or prison might soon become law in Russia. 

New draft bills setting out how Russia should regulate cryptocurrencies were sent to the country’s parliament, the State Duma, earlier this week. Although the official website for the planned legislation hasn’t been updated yet, the two documents have been published in the OrderCom Telegram channel and were confirmed as genuine by sources of Russian news outlet RBK. 

The legislative proposals were reportedly written by staff at the Digital Economy think tank and the Skolkovo business accelerator. They seek a new version of the bill on digital assets, which has been stuck in the Duma for more two years now, as well as crypto-focused additions to the country’s criminal code.

The first draft bill would regulate digital currencies in Russia. Or, to be more clear, prohibit the issuance of, and operations with, digital currencies in the nation. Even distributing…