“Criminal liability for the circulation of money substitutes will be up to 4 years of imprisonment

According to the Deputy head of the Ministry of Finance of the Russian Federation, a punishment is provided in case of Commission of a crime by a group with prior agreement

Photo: Imago/TASS

– Criminal liability for the circulation of money substitutes can be up to four years of imprisonment, it will affect a group of persons who commits a crime on preliminary arrangement, told reporters Deputy Finance Minister Alexei Moiseev.

“There will be a period of near four years, but only for collective schemes, which include a large number of objects and volumes,” – said the Deputy head of the Ministry of Finance.

Earlier in March, Moiseev said that the Finance Ministry has approved the draft law on the introduction of criminal liability for the circulation of money substitutes. “Yes, it will (criminal liability – if). The text of the bill, he agreed, but I’m slowed down. I think there is a risk that innocent people will suffer,” – said the Deputy Minister.

Exchange cryptocurrency

According to Moses, the differences between CBR and Ministry of Finance regarding the regulation of exchange of cryptocurrency for Fiat currency and other assets eliminated. He noted that a decision on this issue will take the Bank of Russia.

Cryptocurrency circulation is planned to regulate through the law “About the digital assets.”

As reported in January, the Finance Ministry and the Central Bank had disagreements in the framework of prepared draft law “On digital of financial assets”. These differences relate to the exchange of cryptocurrency for Fiat currency and other assets. According to the Bank of Russia, data of the transaction should be allowed only with respect to tokens with the aim of attracting funding.

The Ministry of Finance, in turn, believes that because cryptocurrency transactions has widely spread, a legislative ban on these acts can lead to the creation of conditions for the use of cryptocurrency as a tool for the maintenance of illegal business and legalization of incomes, received by criminal way, and terrorism financing.

“Yes, disagreements with the CB removed, and at the discretion of the Central Bank given to this question. The Central Bank will make decisions,” said Moses, answering the question of exchange of cryptocurrency for Fiat currency.

The participation of qualified investors

Moses said that the threshold of participation to qualified investors in the ICO will not be indicated in the law, this option will determine the CBR.

“The bill will be written “at the discretion of the Central Bank”. He and his decision will need to install,” he said.

Previously it was assumed that to participate in the placement of digital assets will be able to unqualified investors with the amount of investment up to 50 thousand rubles and skilled – with the amount of 150 thousand rubles.

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