The State Duma will consider a bill on fines for the illegal release of digital assets

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, submitted a bill to the lower house of parliament to punish the issuance of digital assets without the permission of the regulator.

It is proposed to establish administrative liability, that is, fines for violations in the field of digital rights. For individuals, the fine will be from 3,000 to 5,000 rubles; for officials – from 20,000 to 30,000 rubles; for legal entities – from 700,000 to 1 million rubles.

The draft law specifies that for the unlicensed release of digital assets, persons carrying out commercial activities without forming a legal entity bear administrative responsibility as legal entities. Failure to comply with the requirements of the law on digital rights when carrying out transactions with cryptocurrencies entails similar fines for citizens and officials, and the fine for legal entities will be from 500,000 to 700,000 rubles.

The statute of limitations for bringing to administrative responsibility will be one year from the date of the offense. The draft law received the support of the government of the Russian Federation, but with the condition that the document be finalized. According to the Cabinet of Ministers, the draft in its current form may lead to contradictions in judicial practice and create opportunities for ambiguous interpretation.

In May, Anatoly Aksakov, chairman of the State Duma committee on the financial market, suggested that the first digital financial assets could be issued in Russia by the end of the year. In March, the Bank of Russia included Sberbank in the register of CFA operators. Now legal entities will be able to issue DFAs on the Sber blockchain platform, as well as make other transactions permitted by law.