Russia Plans to Fine Non-Compliant Cryptocurrency Exchange Operators Up to 1 Million Rubles

Gate News, March 24 — According to RBK, the Russian Ministry of Finance has proposed adding a new clause to the Administrative Offenses Code, imposing fines of 700,000 to 1 million rubles on illegal cryptocurrency exchanges. The bill has been approved by the government’s Regulatory Drafting Committee. Under the proposal, licensed cryptocurrency exchanges that provide digital asset trading services to non-professional individual investors who have exceeded the government-set limits will face the aforementioned fines. Responsible individuals may also be fined between 30,000 and 50,000 rubles or disqualified for 1 to 2 years. Currently, the bill does not specify the types of illegal transactions or individual trading limits. In a proposal made by the Central Bank of Russia last December, the annual personal limit was suggested to be set at 300,000 rubles, but the Ministry of Finance indicated that this figure is subject to adjustment. Additionally, the joint regulatory package for the crypto market pushed forward by the Central Bank and the Ministry of Finance stipulates that only financial institutions holding a banking license and with monthly turnover exceeding 3.5 million rubles can legally operate cryptocurrency exchange services. Reports indicate that if the above amendments are approved in their current form, they will take effect on July 1, 2027.