Russia Proposes Jail Sentence for Bitcoin Activities
Russia and Bitcoin will never go hand-in-hand, by the look of things. In fact, it looks like a proposal is on the table to make the trading of Bitcoin punishable by law in the country, which could lead to a four-year prison sentence. Russia’s Ministry of Finance is cracking down on cryptocurrencies in general, and this new proposal could just be the beginning of things to come. While most countries and states around the world are trying to define a regulatory framework for Bitcoin, the Russian Ministry of Finance is not sitting by idly. If government officials have their way, any Bitcoin....
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To make matters in Russia even stranger, the Russian Central Bank will continue its research into blockchain technology for now. The institution has set up a dedicated taskforce to see how this technology can be used to benefit the Central Bank of Russia. However, there are no plans to start issuing digital currency, as that would still be prohibited by law. Russia seems to be making a fair amount of media headlines again, as their regulation of digital currency has just taken a turn for the worse. A new proposal – drafted by the Russian Ministry of Finance – seeks to penalize Bitcoin....
Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines. New Russian Crypto Bill The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering,....
The Russian Ministry of Finance is taking a hard stance against Russian adopters of bitcoin and cryptocurrencies, with a proposal that -while not yet legal or enforced-aims to punish users engaging in Bitcoin trading with a prison sentence of up to 4 years. While most governing bodies around the world looks to adopt bitcoin or block chain technology or look for ways to regulate the cryptocurrency, Russia is unrelenting in its stance toward what it sees as the "trafficking" of Bitcoin. The Russian Ministry of Finance that had previously supported fines of up to 500,000 rubles or a 2-year....
The interior ministry of Russia has decided to go after those providing money-laundering services to crypto fraudsters, suggesting they should go to prison. The department wants to introduce criminal liability for the activities of these people, also known as ‘droppers.’
Law Enforcement in Russia Targets Droppers Involved in Fraudulent Crypto Schemes
The Ministry of Internal Affairs of the Russian Federation (MVD) and other security agencies are hoping to introduce criminal liability for citizens providing assistance to scammers that exploit the popularity of....
Fraudsters promoting online cryptocurrency scams in the United Arab Emirates (UAE) now face a possible five-year jail sentence plus a fine of up to $272,000, according to a report. The new measures, which are set to take effect on January 2, 2022, are part of the government’s effort to protect people from online scams.
New Measures Seek to Protect Internet Users
As part of UAE’s new online security laws which go into effect on January 2, 2022, promoters of online cryptocurrency scams now face a possible five-year jail term and a maximum fine of over $270,000.
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