A draft law providing administrative liability for the illegal issuance and exchange of digital financial assets (DFA) has been submitted to the Russian State Duma.

Persons who issue such assets not included in the register of DFA exchange operators or trading platform operators will be fined in the following amount:

• 3000-5000 rubles for individuals;
• 20,000-30,000 rubles for officials;
• 700,000-1,000,000 rubles for legal entities.

Failure to comply with the requirements of digital rights legislation when dealing with DFAs entails similar penalties for individuals and authorities. For legal entities it will be from 500,000 to 700,000 rubles.

The statute of limitations for bringing to justice is, according to the document, one year from the date of the commission of the relevant crime.

The initiative was launched by the head of the financial market committee, Anatoly Aksakov.

Previously, he introduced a bill that would prohibit the use of CFA as a means of payment on the territory of the Russian Federation. The document was approved at the first reading.

In May, the State Duma also adopted a draft law on taxation of activities with the CFA at its first reading. Lawyers interviewed by ForkLog noted that this does not apply to cryptocurrencies.

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