Deep Tide TechFlow news: On July 02, TASS reported that the Russian State Duma Committee on State Construction and Legislation recommended passing, at first reading, a government-submitted bill proposing criminal liability for violations of laws governing digital currency circulation, with a maximum sentence of 7 years’ imprisonment.

According to the draft, if illegal organizations engage in the circulation of cryptocurrency and cause significant losses or obtain large income, they may face fines, compulsory labor, or imprisonment of up to 4 years. If it is carried out by an organized group or causes particularly significant losses, the maximum prison term is increased to 7 years, and a fine may also be imposed. The draft proposes to classify losses or income exceeding 3.5 million rubles as “significant,” and amounts exceeding 13.5 million rubles as “particularly significant.” In addition, another supporting draft on administrative penalties was also recommended for passage at first reading, under which the maximum fine for violations may reach 1 million rubles.