The bill introducing criminal liability for gray crypto exchange and illegal circulation of cryptocurrencies will most likely be considered in the second and third readings by deputies of the next State Duma convocation. This was stated by the head of the Duma Committee on the Financial Market, Anatoly Aksakov.
The document has already passed the first reading in early July. It provides for fines and imprisonment of up to 7 years for organizers of illegal circulation of digital currencies. Cryptocurrency, according to this logic, should be circulated through authorized mechanisms, not through informal exchange schemes.
When the Penalty Provisions May Be Adopted
According to Anatoly Aksakov, sanctions for violations in the field of cryptocurrency circulation should take effect from July 1, 2027. Therefore, lawmakers still have time to calmly sort out controversial points, consider market arguments, and clarify the wording.
“The penalty provisions related to the circulation of cryptocurrencies should come into force on July 1 of next year. That means there is still plenty of time to carefully consider all the arguments. Most likely, the decision will be made by the next State Duma, which will review all the arguments and adopt precise wording to allow bona fide market participants to work calmly, while at the same time establishing strict punishment for those who use cryptocurrencies for illegal operations,” said Anatoly Aksakov.
The State Duma’s spring session ends in July. In August and September, deputies go on vacation, after which elections for the new convocation will be held. Therefore, the most likely scenario is a return to the bill in the fall. The main thing, as Anatoly Aksakov noted, is to make it in time before July 1, 2027.
The head of the committee emphasized that any provisions related to punishment require especially careful elaboration. The law can still be adopted and additionally “polished” in those provisions that raise questions among market participants and lawyers.
What Will Be Considered Illegal Circulation
According to Anatoly Aksakov, there were no serious complaints about the bill. The Supreme Court has comments, but they are more of a legal-technical than a conceptual nature. They plan to take these into account when finalizing the document.
Anatoly Aksakov explained that the approach to cryptocurrencies largely repeats the rules of the traditional financial market: violations can result in administrative or criminal liability. Currency in digital form, whether Bitcoin, Coin, or another asset, must go through channels permitted by law if the operations take place within the area of regulation.
The key criterion in the bill, according to the deputy, is formulated quite clearly: if the circulation takes place without the participation of institutions licensed by the Bank of Russia, such circulation is considered illegal.
How to Distinguish Gray Exchange From Legal Exchange
Gray crypto exchange is the exchange of digital currency outside the authorized infrastructure: through private arrangements, anonymous exchangers, or intermediaries who do not work through institutions from the Bank of Russia’s registry. Legal exchange, on the other hand, involves a transparent platform, participant verification, transaction documentation, and the ability to track the movement of funds.
Buying cryptocurrency for cash or with a bank card becomes problematic not because of the payment method itself, but because of who conducts the transaction. If the operation goes through legal infrastructure, the participant usually has to register and undergo identity verification. In gray exchangers, such checks are often bypassed, but along with this, the risks increase: money can be lost, and there are almost no guarantees of return or protection.
“If the issue concerns individuals, there are questions, and obviously we will discuss them. An individual can work with cryptocurrencies, but not directly with another individual. They are required to carry out these operations through the appropriate institutions that are included in the central bank’s registry,” explained Anatoly Aksakov.
For P2P exchange between individuals, the key question is whether the transaction goes through an authorized intermediary. If people directly exchange cryptocurrency with each other and bypass institutions from the Bank of Russia’s registry, such an operation may be considered a violation. For organizers of illegal circulation, the bill provides for fines and imprisonment for up to 7 years.
In other words, the discussion will revolve around how to distinguish between legal actions of private individuals and schemes that take the market out of control. For the regulator, it is not important where the participants agreed to exchange—by email, messenger, or another channel—but whether the operation went through the infrastructure provided by law.
Why the Bill Has Sparked Debate
Some critics fear that the criminal provisions may affect not only wrongdoers but also ordinary exchangers, trading operators, companies, or individuals who exchange cryptocurrency for personal purposes. Anatoly Aksakov admitted that such comments may have come from those who do not want full regulation of the market and responsibility for illegal circulation.
Gray crypto exchangers are dangerous not only because of possible criminal or administrative prosecution. A participant may encounter fraud, transfer blocking, substitution of details, or complete loss of funds. Unlike a legal platform, an illegal intermediary has no transparent rules, clear responsibility, or normal guarantees for the client.
Such exchangers continue to operate because transactions are often split up, conducted through messengers, private arrangements, and chains of intermediaries. It is more difficult to identify the organizer than a regular financial company: a gray scheme may not have an office, public rules, or visible infrastructure.
How to Reduce Risks When Exchanging
When choosing an exchanger, the most important thing is to check whether it operates through authorized mechanisms, is connected with institutions from the Bank of Russia’s registry, how transparent the transaction terms are, and how clear the platform’s reputation is. For large amounts, it is safer not to give money to a random intermediary, but to check documents, limits, identification procedures, reviews, and refund conditions in case of a failed transaction in advance.
When exchanging, you should look not only at the name of the asset but also at its liquidity, demand, clarity of circulation rules, and the ability to conduct the operation through legal infrastructure. Therefore, even popular assets like Bitcoin or other digital currencies are better evaluated not by promised returns, but by how transparently and legally the transaction can be conducted.
On controversial issues, as the deputy noted, there will be discussions. Lawmakers are ready to listen to different positions: both those who insist on protecting crypto market participants and those who believe it is necessary to strictly punish illegal players.
The connection of new sanctions with the basic regulation of digital assets is discussed separately. By the end of the State Duma’s spring session, the final meeting of which is scheduled for July 27, deputies expect to adopt the “Law on Digital Currency and Digital Rights.” It should legalize cryptocurrency operations in Russia from September 1. The document is already prepared for the second reading.
The period between the entry into force of the main rules on September 1 and the launch of sanctions on July 1, 2027, will become a transition period for the market. This time is needed for participants to adjust processes to the new requirements:
{
“@context”: “https://schema.org”,
“@type”: “Article”,
“about”: [
{
“@type”: “Thing”,
“name”: “cryptocurrency”
},
{
“@type”: “Thing”,
“name”: “bitcoin”
}
]
}
- Processing transactions according to the new rules.
- Checking exchange compliance with legal operation requirements.
- Adapting processes to banking control.
- Accounting for settlement value in different currencies.
