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Russia Considers Jail Time for People Helping Crypto Scammers Launder Proceeds – Regulation Bitcoin News


The Russian Interior Ministry has decided to arrest those who provide money laundering services for crypto scammers, recommending them to go to jail. The ministry wants to prosecute criminally for the activities of these people, also known as ‘drippers’.

Law Enforcement in Russia Targets Drip Tools Involved in Fraudulent Cryptocurrency Schemes

Ministry of Internal Affairs of the Russian Federation (MVD) and other security agencies are hoping to bring criminal liability to citizens who assist scammers to exploit the popularity of crypto investments.

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

A drip is usually someone who is offered to accept illicit funds into their bank account or crypto wallet. The person can then buy crypto, split the amount between multiple wallets, or withdraw.

These individuals play a role in fraudulent schemes that allow organizers to withdraw stolen funds. Some drippers may not even realize they are engaging in an illegal activity, but that doesn’t mean they won’t be held accountable in Russia.

Roman Bubnov, deputy head of the procedural control department at the MVD Investigative Bureau, admits that authorities want to hold criminal responsibility for such acts. If that happens, the dripper could face four to seven years in prison.

Jamali Kuliyev from the law firm Yukov and Partners explains: The Interior Ministry proposes to define this activity as a separate criminal act, with all the consequences that follow. He pointed out that this would allow Russian courts to impose maximum sentences.

Russia has yet to fully regulate its crypto space, with new legislation expected to be passed this fall. In early May, a top central bank official disclosure more than half of the total financial pyramid identified in the first quarter of this year in relation to cryptocurrencies.

In June, a bill introducing penalties for the unauthorized issuance of digital financial assets was submitted to the State Duma, the lower house of the Russian Parliament. The draft law was submitted by the Chairman of the Financial Markets Committee Anatoly Aksakov, who is also involved in efforts to regulate cryptocurrency exchanges in the country.

Cards in this story

Crime, Criminal responsibility, Cryptocurrency scammers, Cryptocurrency scammers, Cryptocurrency scam, dropper, Scammers, Ministry of Home Affairs, Law enforcement, Money laundering, MVD, offense, prison, suggestions, Russia, Russian, Scammers, Cheat, judge

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

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Becoming a writer is in my nature, rather than what I do”. Besides cryptocurrency, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image credits: Shutterstock, Pixabay, Wiki Commons, Jonas Petrovas

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