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- Regulatory veil: punishment for illegal circulation of digital currency is being worked out in the Russian Federation
Regulatory veil: punishment for illegal circulation of digital currency is being worked out in the Russian Federation
The country is considering the possibility of punishing the illegal creation and operation of digital currency circulation schemes, Russian Prosecutor General Alexander Gutsan said. Izvestia investigated exactly what responsibility is being discussed for the organizers of the illicit trafficking of digital currency and which sanctions will be most effective.
Areas of work
One of the possible tools of state control over the sphere of digital currencies may be a draft law prepared by the Ministry of Digital Development of Russia and published on the Federal Portal of Draft Regulations, an expert from the Popular Front told Izvestia. Analytics" by Roman Chikun. The document contains amendments to the Code of Administrative Offences of the Russian Federation and provides for liability for non-compliance with regulations related to the circulation of digital currency and mining activities. In particular, it is proposed to introduce fines: for citizens — from 100 thousand to 200 thousand rubles, and for organizations — from 700 thousand to 1 million rubles.
"However, the main deterrent may not even be the size of the fine, but the confiscation of the digital currency itself, which was used for an illegal operation," the expert believes. — On the one hand, the guilty person or company will pay the state hundreds of thousands of rubles. On the other hand, and this is the main thing, they will lose the cryptocurrency transferred to the counterparty. Such an approach should have a significant deterrent effect on the entire shadow market of digital payments.
The regulator, as the expert noted, consistently forms the legal basis for the functioning of digital finance. First, legislation on digital financial assets was adopted, then rules governing mining appeared. Now the next stage has come — countering the illegal use of cryptocurrencies. This is especially true in the context of an increase in the number of cyber scams, when crypto wallets are increasingly being used to transfer stolen funds abroad.
–"The introduction of such responsibility solves several tasks at once," Roman Chikun emphasized. –– Firstly, it closes a legal gap, and secondly, it increases market transparency by displacing "shadow" players and creates favorable conditions for honest business. It is also a way to strengthen the protection of citizens: the regulator and law enforcement officers get real levers to block illegal transactions and return stolen goods.
It is necessary to clearly distinguish the areas of use of digital currencies, said Alexey Voylukov, MBA Professor of business practice in digital Finance at the Presidential Academy, in an interview with Izvestia. When cryptocurrencies become an instrument of criminal schemes — for example, for cashing out money, financing illegal actions, or illegally withdrawing capital abroad — penalties must be strict and targeted. This is not about the technology itself, but about the correct and fair application of the law.
"The situation is completely different when cryptocurrencies are used in business transactions — as a tool for mutual settlements, investments or risk diversification, especially in conditions of sanctions pressure and limited access to international payment systems," he said. "Here, prohibitive measures only increase the technological gap and push business into a gray area.
In fact, the state should build a differentiated approach to operations with digital assets: illegal schemes should be suppressed and punished, while initiatives with economic or innovative value, on the contrary, should be regulated and supported, the expert explained. Such a balance would allow cryptocurrencies to be integrated into the official financial system, turning them from a source of risk into an element of the legal economic environment.
Fraudulent schemes
Since the beginning of 2025, amid reports of the postponement of the official launch of the digital ruble, there has been increased interest from cybercriminals. In particular, on shadow forums, as well as in open messengers and social networks, the attackers actively discussed the potential use of the digital ruble to withdraw stolen funds.
–"Fraudsters are constantly looking for alternative ways to withdraw funds received as a result of crimes, especially against the background of legislative changes and regulatory policies that have created certain difficulties for fraudsters," the expert explained. — The main topic of such publications on the darknet was the discussion of full control of financial transactions with the digital ruble.
Criminals on the Web are trying to take advantage of the increased interest in the digital ruble to implement new fraudulent schemes, he added. Thus, in the spring of 2025, a network of websites offering participation in the Digital Ruble investment program was identified. On these resources, the digital ruble is used as bait in a traditional scheme of investment fraud.
Subsequently, the scammers, according to him, changed the usual scheme of "exchange" under a new pretext — they imposed on the victims by phone the idea of converting social benefits and personal savings into a so-called digital format. To attract the attention of potential victims, attackers who work with such schemes actively use current news stories, names of famous people and brands, experts explain. The digital ruble is just such a brand that many have heard about, but not everyone understands what it is and why it is needed. This is what scammers use.
The issuance and circulation of digital financial assets (CFAs) is a relatively new phenomenon in the financial market, Peter Shcherbachenko, associate professor at the Financial University under the Government of the Russian Federation, reminded Izvestia. Their key advantage is the use of distributed ledger technology, which makes it possible to automate the execution of transactions through smart contracts. The use of such technologies opens up new opportunities for the development of financial infrastructure.
— CFAs reflect digital rights, including monetary claims, rights on equity securities, participation in the capital of a non—public joint-stock company and the ability to demand the transfer of equity securities provided for by the decision to issue CFAs, - he said. — Russia is developing a comprehensive approach to the regulation of these assets, which also covers administrative liability for violations in this area.
Administrative liability is the first level of legal impact for violations related to the circulation of cryptocurrencies, preceding more serious criminal measures, the expert noted. Among the typical offenses for which such responsibility comes, several areas stand out — in particular, the use of digital currencies as a means of payment, conducting business with crypto assets without legitimate grounds, as well as violating the rules for advertising services related to cryptocurrency.
"Stricter controls and the introduction of clear responsibility for illicit trafficking will help create a legal digital currency market, increasing investor and business confidence," the expert believes.
Izvestia sent inquiries to the Central Bank and the Prosecutor General's Office of the Russian Federation, but no responses had been received at the time of publication.
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