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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 <a href="https://sozd.duma.gov.ru/bill/1209607-8" rel="noopener noreferrer nofollow">sent</a> 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.<iframe src="https://www.youtube.com/embed/4aXXTXl-Fqk?start=" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
“The same act committed by an organized group, or involving the infliction of damage or the extraction of income on a particularly large scale, would be punishable by compulsory labor for up to five years or imprisonment for up to seven years,” the bill’s text said.
The bill also proposes a “fine of up to 1 million rubles [$13,100] or an amount equal to the convicted person’s salary or other income for a period of up to five years.”
The draft law followed a package of bills initially <a href="https://cointelegraph.com/news/russia-limit-crypto-trade-regulated-intermediaries" rel="noopener noreferrer nofollow">proposed in March</a> that included criminal penalties for illegal crypto miners, but the most recent legislation included details on fines and potential prison time for any unregistered digital asset services.
According to Russian media outlet RBC, the country’s Supreme Court <a href="https://www.rbc.ru/finances/17/04/2026/69e26e229a7947dfb8f4c382" rel="noopener noreferrer nofollow">said</a> that the crypto bill lacks “reasoned justification” for criminal penalties.
The court said that the measure was “premature” until Russia enacted its “Digital Currency and Digital Rights law,” expected to go into effect in July. If the bill passes it would give Russia’s government more control and oversight over the crypto industry.
Related: <a href="https://cointelegraph.com/news/12-crypto-protocol-entities-attacked-since-drift-exploit" rel="noopener noreferrer nofollow">At least a dozen crypto entities attacked since Drift Protocol hack</a>
<h2 id="russian-crypto-exchange-grinex-still-reeling-from-14-million-hack">Russian crypto exchange Grinex still reeling from $14 million hack</h2>
Grinex, a Russia-based crypto exchange currently being sanctioned, <a href="https://cointelegraph.com/news/grinex-hack-14m-crypto-exchange-suspends-trading" rel="noopener noreferrer nofollow">halted trading for users</a> on Thursday after losing more than 1 billion rubles — about $13.7 million — in a hack it suspected was carried out by “entities of hostile states.”<iframe src="https://www.youtube.com/embed/U4G7Ws9yPi8?start=" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
The company said it forwarded relevant information on the attack to law enforcement agencies and filed a criminal complaint.
Magazine: <a href="https://cointelegraph-magazine.com/clarity-act-define-path-non-custodial-defi-us/" rel="noopener noreferrer nofollow">Will the CLARITY Act be good — or bad — for DeFi?</a>

Russia introduces bill to criminalize unregistered crypto services

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