The Central Bank proposed to criminalize crypto activity without a license

For the lack of a license from crypto exchanges, crypto brokers and crypto exchanges, criminal liability may be introduced in Russia. This was announced on April 9 by Vladimir Chistyukhin, First Deputy Chairman of the Bank of Russia.

According to him, the draft law "On Digital Currency and digital Rights" is based on the principle of legality of financial intermediaries.

"If a person offers a professional service to his clientele related to currencies, and he does not have any license - neither a crypto exchange, nor a crypto broker, nor a crypto exchange — then criminal liability may be established," he said on RBC Radio.

Chistyukhin noted that now the Criminal Code of the Russian Federation provides for general liability for activities without a license. However, according to the deputy chairman of the regulator, the presence of a special corpus delicti makes it possible to apply the law more effectively. He added that similar decisions have already been made regarding banks and credit institutions.

The main burden of administrative responsibility will fall on financial intermediaries. If a citizen or a legal entity turns to such an intermediary, then the service organization will be responsible for all subsequent operations.

"But if the person did not come and commits, then this is a matter of face," the representative of the Central Bank explained.