I just saw that the Russian government is really serious about cryptocurrency regulation again. The new bill submitted to the State Duma this week essentially aims to classify all unlicensed cryptocurrency services as criminal offenses.

The crackdown is indeed quite strong. According to reports, individuals engaged in unauthorized cryptocurrency activities face a minimum fine of 100k to 300k rubles and could be sentenced to four years of forced labor. In serious cases, they could be directly imprisoned for four years plus fines. If involved in organized crime groups, the prison term can go up to seven years, with fines reaching up to 1 million rubles. The larger the loss amount, the harsher the penalty—losses over 3.5 million rubles are considered significant, and over 13.5 million rubles are deemed especially serious.

The logic behind this is actually quite straightforward. The Russian government wants to control unlicensed services and reduce financial crime risks. Unregulated cryptocurrency platforms are indeed prone to fraud and do not guarantee user fund safety. Therefore, they require all companies providing cryptocurrency services to obtain licenses—only legitimate entities are allowed to operate.

Interestingly, Russia’s stance on cryptocurrency policy has been quite fluctuating over the past few years. But this bill demonstrates a clear determination to enforce the law. Once passed, it could significantly change the country’s cryptocurrency ecosystem. The government aims to strengthen confidence in the financial system through strict regulations and also promote sustainable industry development.

The bill is now in the electronic database of the Duma, where legislators will discuss and review it. The final outcome depends on subsequent voting results. Overall, Russia’s attitude toward cryptocurrency regulation is undergoing a major shift—from previous ambiguity to a more serious regulatory framework. This will definitely impact the entire market.