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Crypto exchanges in Russia are set to incur fines of up to 1 million rubles for “violating the requirements of legislation regarding the organization of digital currency circulation.” A corresponding article has been proposed for inclusion in the Administrative Code.
The legislative proposal with amendments to the Administrative Offenses Code has been approved by the governmental commission on lawmaking, as reported by RBC. The new article establishes liability for legal entities classified as crypto exchanges for transactions with individual residents who are not professional investors—if the individual has already exceeded the government-established limit for operations with digital assets.
Violating exchanges are proposed to be fined between 700,000 and 1 million rubles, as discovered by RBC journalists. The bill also outlines penalties for officials of such organizations: they could face fines ranging from 30,000 to 50,000 rubles or disqualification for a period of one to two years.
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The specific transactions that will be deemed violations and the limit amounts for individuals are not detailed in the document, the publication notes. However, in the Central Bank’s concept proposed in December, a threshold of 300,000 rubles per year was suggested. Nonetheless, the Ministry of Finance indicated that the limit could be adjusted.
RBC also does not clarify whether administrative liability will be proposed for clients of the exchanges. If the amendments are approved in their current form, they will take effect on July 1, 2027.
The Bank of Russia, in conjunction with the Ministry of Finance, has developed a comprehensive package of laws aimed at regulating the crypto market. According to these proposals, only financial organizations with a banking license and a monthly turnover exceeding 3.5 million rubles will be permitted to operate as crypto exchanges. Through a legal crypto exchange, Russians will gain the ability to deposit funds from cryptocurrency purchased abroad into a bank account or transfer money to foreign platforms, as well as sell cryptocurrency and deposit the proceeds from the transaction into a Russian bank account. The Central Bank anticipates that the bill will become law by July 1.
