Russia considers jail time for people who help cryptocurrency scammers launder revenue – regulating Bitcoin news

Russia considers jail time for people who help cryptocurrency scammers launder revenue – regulating Bitcoin news
Russia considers jail time for people who help cryptocurrency scammers launder revenue – regulating Bitcoin news

Russia’s Interior Ministry has decided to go after those who offer money laundering services to crypto fraudsters, and suggests that they should go to jail. The department wants to introduce criminal liability for the activities of these people, also known as ‘droppers’.

Law enforcement in Russia is targeting droppers involved in fraudulent cryptocurrencies

The Russian Federation’s Interior Ministry (MVD) and other security agencies hope to impose criminal liability on citizens who provide assistance to fraudsters who exploit the popularity of cryptocurrency investments.

Law enforcement officials say they have registered a growing demand for the services of so-called “droppers” – people who are willing to help crypto-scammers launder illegally obtained funds, the Russian crypto-news outlet Bits.media reported.

A dropper is usually someone who was offered to accept illegal funds to the bank account or crypto wallet. The person can then buy cryptocurrency, divide the amount between several wallets, or withdraw the money.

These people play a role in fraudulent schemes that allow organizers to withdraw the stolen funds. Some droppers may not even realize that they are involved in an illegal activity, but that does not mean that they will not be held accountable in Russia.

Roman Bubnov, deputy head of departmental and procedural control at MVD’s investigation department, admitted that the authorities want to introduce criminal liability for such actions. If that happens, droppers could face between four and seven years in prison.

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The Interior Ministry proposes to define the activity as a separate offense, with all the consequent consequences, explained Jamali Kuliyev from the law firm Yukov and Partners. This will allow Russian courts to impose the maximum penalty, he pointed out.

Russia has not yet fully regulated its crypto area, with new legislation expected to be passed this autumn. In early May, a central bank governor revealed that more than half of all financial pyramids identified in the first quarter of this year were linked to cryptocurrencies.

In June, a bill imposing penalties for the unauthorized issuance of digital financial assets was sent to the State Duma, the lower house of the Russian parliament. The draft law was submitted by the chair of the Financial Markets Committee, Anatoly Aksakov, who is also involved in the work of regulating crypto transactions in the country.

Tags in this story

Crime, Criminal Liability, Crypto-Scammers, Crypto-Scammers, Crypto-Scammers, Dropers, Scammers, Home Office, Law Enforcement, Money Laundering, MVD, Offenses, Prison, Proposals, Russia, Russian, Scammers, Scams

Do you expect Russian lawmakers to support the Interior Ministry’s proposal? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a technology expert from Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am, rather than what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Photo credit: Shutterstock, Pixabay, Wiki Commons, Jonas Petrovas

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