Russian officials must report their crypto assets by June 2021

Russian President Vladimir Putin has reportedly signed a decree that obliges Russian officials to disclose their crypto investments by June 30, 2021. Some local crypto players believe that the new regulatory move will have a positive impact on the Russian crypto ecosystem.

Russia has become the latest country to formally require its government officials to report their cryptocurrency holdings.
Russian President Vladimir Putin has signed a decree obliging Russian officials to disclose their crypto investments by June 30, 2021, local news agency TASS reported Dec. 10.
The decree, officially published on Thursday, stipulates new measures related to the Russian Federation’s crypto law “On Digital and Financial Assets” (DFA).
The form requires officials to disclose data such as the name of the digital asset, acquisition date, total amount of assets held, and information on the asset issuer such as the country of registration.
The declaration must include information on cryptocurrencies and tokens owned by officials, their spouses, and minor children. The decree states that the declaration process will begin on January 1, 2021.
According to some local crypto players, the new regulatory move will have a positive impact on the Russian crypto ecosystem.
Maria Stankevich, head of business development at crypto exchange EXMO, told Cointelegraph that the decree shows that “official institutions will be subject to the same regulations as ordinary citizens, without exception.”
Stankevich noted a wave of negative feedback on proposed crypto regulations, which include criminal liability for crypto tax reporting failures.
“I think this move is very good because it may force the State Duma to reconsider all the shortcomings of the bill they are trying to introduce.”
The new regulatory move comes ahead of Russia’s implementation of the DFA on January 1, 2021. As previously reported, the law finally provides legal status for crypto in Russia, but will prohibit the use of crypto as a payment instrument. (Cointelegraph)