Russia plans to impose fines of 700,000 to 1 million rubles on non-compliant cryptocurrency exchange operators.

Techub News reports, according to RBK, the Russian Ministry of Finance has proposed adding new clauses to the Code of Administrative Offenses, intending to impose fines of 700,000 to 1 million rubles on non-compliant crypto exchangers. The bill has been approved by the government's regulatory drafting committee. The proposal indicates that licensed crypto exchangers will face penalties if they provide digital asset trading services to individual resident non-professional investors who have already exceeded the government-set limit. Responsible individuals will also be fined 30,000 to 50,000 rubles or disqualified for 1 to 2 years. The bill currently does not specify the exact types of non-compliant transactions or the individual transaction limit. Previously, in a proposal made by the Russian Central Bank in December last year, it was suggested to set the individual annual limit at 300,000 rubles, but the Ministry of Finance stated that this figure is subject to adjustment.