Individuals and groups would be required to register with the Bank of Russia before offering certain crypto services, or potentially face fines and prison time.
Russia’s government submitted a bill to its parliament’s lower house in an effort to amend the country's legal code to attach criminal liability for crypto services offered without regulatory approval or licensing.
In a draft law sent to the State Duma on Friday, Russian lawmakers proposed that entities "carrying out activities related to the organization of digital currency circulation,” that operate without a license from Russia’s central bank, could be subject to criminal liability.
Without registration with the Bank of Russia, individuals could face up to $4,000 in fines and up to four years in prison, or more severe penalties if part of an organized group.
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