Russia preps penalties for illegal crypto operations amid calls for expedited legalization

Russia eyes fines for gray-market crypto as fraud cases surge

Russia plans liability for gray-market crypto after fraud-linked bank freezes. Russia’s central bank has proposed new penalties for cryptocurrency operations conducted outside the country’s regulatory framework, according to statements reported by Russian state media on Wednesday. Central Bank of Russia…

Russia preps penalties for illegal crypto operations amid calls for expedited legalization

Russia’s monetary authority is behind a new proposal to punish those conducting unregulated operations with cryptocurrencies in the country. The news coincides with a call for accelerated adoption of regulations legalizing transactions with digital assets issued by a major Russian bank. The authorities in Moscow intend to approve the respective legislation by the summer, with some analysts predicting Russia will then block foreign exchanges. Ban…