Russia Proposes Fines for Illegal Crypto Operations

Russia’s government has introduced a draft law imposing fines for illegal crypto transactions and mining. Penalties range from $1,100 to $22,000 for individuals and companies.

New Bill on Crypto Regulation

The Russian government has submitted draft law No. 159659 to the State Duma, introducing administrative liability for unauthorized cryptocurrency operations. The bill establishes fines for accepting digital assets as payment for goods or services without proper authorization.

Proposed penalties include:

• individuals: ₽100,000–200,000 ($1,100–$2,200);
• officials: ₽200,000–400,000 ($2,200–$4,400);
• legal entities: ₽700,000–1,000,000 ($7,700–$11,000).

In all cases, confiscation of the asset used in the violation is mandatory.

Liability for Illegal Mining

The bill also targets cryptocurrency mining. Illegal mining activity, including participation in mining pools, may result in the following penalties:

• individuals: ₽100,000–200,000 ($1,100–$2,200);
• entrepreneurs and officials: ₽200,000–400,000 ($2,200–$4,400);
• companies: ₽1,000,000–2,000,000 ($11,000–$22,000).

Operators of mining infrastructure without licenses will face similar penalties: from ₽200,000 to ₽400,000 for individuals and up to ₽2 million for legal entities.

Penalties for Reporting Failures

The bill also introduces liability for failing to report mined cryptocurrency or the address of a mining pool to authorized bodies. In such cases, the same fines apply.

Russia’s move highlights a growing effort to tighten control over the crypto industry and push miners into the legal framework.