The State Duma is considering criminal liability for illegal cryptocurrency circulation

The State Duma will continue discussing amendments that introduce criminal liability for organizing the circulation of cryptocurrency without a license or without inclusion in a special register. Deputy Minister of Finance Ivan Chebeskov clarified that this does not concern ordinary citizens' transactions with their own assets. Liability will apply to the organizers of such transactions. Tax changes are also planned, obliging Russian tax residents to report to the Federal Tax Service (FTS) about transactions with digital currency on non-custodial wallets if they occur outside the regulated framework. Information about such transactions must be sent to the FTS no later than 180 days after the notification forms are approved. The Bank of Russia has identified over 1 billion rubles of illegal turnover on crypto wallets. First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin noted that the regulator does not support broad access to non-custodial wallets to avoid circumvention of sanctions. Tax amendments concerning the exemption of digital depository services and crypto exchanges from VAT have already passed the first reading in the State Duma.

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