According to Bits media, the Russian State Duma passed in the first reading a bill submitted by the government, which proposes to establish criminal liability for organizing unlicensed cryptocurrency exchange operations. According to the bill, individuals or institutions that conduct crypto exchange business without official registration and license will face fines, forced labor, or imprisonment of up to 4 years; if it is a group crime or the amount involved is particularly large, the maximum penalty is 5 years' imprisonment and a fine. The bill is proposed to take effect on July 1, 2027. Meanwhile, Russia's proposed crypto asset regulation law requires that cryptocurrency exchange business must be conducted through licensed financial institutions in the future.