Russia, which previously said it can trade with friendly countries through cryptocurrencies, has officially approved the cryptocurrency law. The law signed by Putin was published online in the legal information section of the official gazette.
Russia approves new cryptocurrency law
A law signed by Russian President Vladimir Putin prohibits paying with cryptocurrencies in exchange for goods and services. Documents and legal information published in the official gazette.
Russia has yet to comprehensively regulate cryptocurrencies. However, the “Digital Financial Assets Law” that came into effect in January 2021 brought two legal requirements. Russian officials had previously stated that DFA includes cryptocurrencies and UDR covers various tokens.
The law, now approved by the President of Russia, was submitted to the State Duma, the lower house of the Russian parliament, on June 7 by Anatoly Aksakov, Chairman of the Financial Markets Committee. It was accepted a month later. So far, Russian law has not explicitly prohibited payments with cryptocurrencies. But “monetary proxies” were banned and the status of the ruble as the sole legal tender was emphasized.
The new legislation will enter into force 10 days after its publication in the Russian state newspaper.
Meanwhile, the Russian government has reported that they are considering jail sentences for those who help launder the funds of cryptocurrency scammers. According to the development, the Russian Ministry of Internal Affairs has decided to go after those who provide money laundering services to crypto crooks, recommending that they go to jail.
Russia considers jail for helping launder proceeds of crypto scammers
The Ministry of Internal Affairs of the Russian Federation (MVD) and other security agencies hope to bring criminal liability to citizens who provide assistance to scammers who take advantage of the popularity of crypto investments. Law enforcement officials say they are recording a growing demand for services of so-called “droppers” who are willing to help crypto crooks launder illegally obtained funds, Russian crypto news outlet Bits.media reported.
Roman Bubnov, deputy head of department and procedural control in the MVD’s Investigation Department, admitted that the authorities wanted to bring criminal responsibility for such acts. If that happens, drippers could face four to seven years in prison.
Russia has yet to comprehensively regulate the crypto space, with new legislation expected to be passed this fall. In early May, a senior central bank official revealed that more than half of all financial pyramids identified in the first quarter of this year are linked to cryptocurrencies.
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