TechFlow News, March 24: According to RBK, Russia’s Ministry of Finance has proposed adding a new provision to the Code of Administrative Offenses to impose fines of 700,000–1,000,000 rubles on non-compliant cryptocurrency exchange operators. The draft bill has been approved by the Government’s Regulatory Drafting Committee.
Under the proposal, licensed cryptocurrency exchange operators who provide digital asset trading services to individual resident non-professional investors exceeding government-set transaction limits will face the aforementioned penalties. Responsible officials will also be fined 30,000–50,000 rubles or disqualified from their positions for one to two years.
The draft bill does not yet specify the exact types of non-compliant transactions or the precise individual transaction limits. In its December proposal last year, the Central Bank of Russia suggested setting an annual limit of 300,000 rubles per individual, but the Ministry of Finance stated this figure remains subject to adjustment.
Additionally, a comprehensive regulatory package for cryptocurrency markets, jointly developed by the Central Bank of Russia and the Ministry of Finance, stipulates that only financial institutions holding a banking license and generating monthly turnover exceeding 3.5 million rubles may legally operate cryptocurrency exchange services. According to reports, if the above amendments are approved in their current form, they will enter into force on July 1, 2027.
