Russia's Duma Prepares Criminal Liability for Unlicensed Crypto Operations
- —Amendments create a separate crime for organizing crypto circulation without a license or registry entry
- —Russian tax residents must report crypto held in non-custodial wallets to the FTS
- —Reports are due within 180 days after the FTS approves the required forms
- —The Bank of Russia has uncovered over RUB 1 billion in illegal crypto turnover
Why it matters: Tighter rules for operators and mandatory reporting on non-custodial wallets could shrink Russia's shadow crypto market.
Source: BeInCrypto RU