The Central Bank of Russia plans to introduce criminal liability for operating in the cryptocurrency market without a license. This regulation will affect exchanges, brokers, and exchange services, according to Deputy Chairman Vladimir Chistyukhin during an interview on "Radio RBC".
"If someone offers professional services related to cryptocurrencies without any license, then criminal liability may be established," the official noted.
Regarding administrative violations, Chistyukhin clarified that the primary responsibility will fall on financial intermediaries. This means that the party providing illegal services will face penalties.
These regulations are set to be introduced as part of the draft law "On Digital Currency and Digital Rights." On April 1, the government submitted the document to the State Duma, which outlines licensing for cryptocurrency market participants, limits for unqualified investors, and de-anonymization procedures.
No Cash Withdrawals
During the discussion, Chistyukhin also mentioned that cryptocurrency exchanges in the country will only be allowed to operate with cashless transactions. There are no plans to create a mechanism for converting digital assets into cash in Russia.
"We assume that all operations should be conducted cashlessly. I mean payment in fiat currency," he emphasized.
In response to a question about "offices in Moscow City," the Deputy Chairman stated that authorities aim to provide a way for market participants currently operating outside the legal framework to legalize their activities.
According to him, the conditions for obtaining a cryptocurrency exchange license are "fairly simple": a small capital requirement, criteria for founders and management, establishing an anti-money laundering control system, and minimal reporting.
Storage Allowed
Chistyukhin clarified that the draft law does not prohibit Russians from storing assets in non-custodial wallets. In the future, these can be declared for legal transactions.
However, transferring coins from official Russian cryptocurrency depositories and exchanges will only be allowed to custodial wallets.
"From the perspective of compliance with AML/CFT rules, we want to ensure maximum transparency, so that the Russian infrastructure and intermediaries do not put themselves at risk," he noted.
"No one prohibits" individuals and legal entities from continuing to hold digital assets "in foreign wallets," but they must declare them to the tax authorities, the official reminded.
"All cryptocurrency currently held by Russian individuals will remain theirs. There will be no penalties for its possession, nor restrictions on its use," Chistyukhin emphasized.
It is worth noting that in February, the Ministry of Finance, together with the Central Bank and federal executive authorities, developed a concept for tokenization of real-world assets.