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In the Russian Federation proposed to introduce fines for illegal issuance of CFA

A draft law providing for administrative liability for the illegal issuance and exchange of digital financial assets (DFA) has been submitted to the Russian State Duma.

Persons issuing such assets, who are not included in the register of DFA exchange operators or investment platform operators, face a fine in the amount of:

  • 3000-5000 rubles for individuals;
  • 20,000-30,000 rubles for officials;
  • 700,000-1,000,000 rubles for legal entities.

Failure to comply with the requirements of digital rights legislation when making transactions with DFAs entails similar penalties for individuals and officials. For legal entities, it will be from 500,000 to 700,000 rubles.

The statute of limitations for bringing to justice is one year from the date of the commission of the relevant offense, follows from the document.

The initiative was initiated by Anatoly Aksakov, head of the financial market committee.

Earlier, he introduced a bill that would ban the use of CFA as a means of payment on the territory of the Russian Federation. The document was approved in the first reading.

In May, the State Duma also adopted in the first reading a draft law on taxation of operations with CFA. Lawyers interviewed by ForkLog noted that it does not apply to cryptocurrencies.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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