Russian government put forward new law for officials to report on their crypto investments

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• The government in Russia has given the green light to its public officials to report details on any cryptocurrency they have possession within the space of six months. 

• This comes after a local news report revealed the news.

The government in Russia has given the green light to a new law for its public officials to report details on any cryptocurrency they have in possession within the space of six months. This comes after a local report revealed the news.

According to the report, Vladimir Putin, the President of Russia signed this new order and has mandated all officials in the country to provide details of all the cryptocurrencies that they own, trade, or that even their family members have had before the 30th of June 2021. By the 1st of January next year, this new order will come into effect.

The details are yet to be disclosed on all the cryptocurrencies, digital securities and utility tokens that will be involved in this new order. However, all the current and prospective government officials will need to provide information according to the new law, of the digital assets that they own, the amount that they own, as well as the acquisition date for the assets.

The new order highlights:

To establish that from January 1 to June 30, 2021, inclusively, citizens applying for government positions in the Russian Federation or federal civil service positions, as well as federal civil servants filling federal civil service positions not provided for by the list of positions approved by the decree of the President of the Russian Federation Federation of May 18, 2009..., and those applying for positions in the federal public service provided for by this list, along with information provided in the form of a certificate approved by the decree of the President of the Russian Federation of June 23, 2014… submit a notice of digital financial assets, digital rights belonging to them, their spouses and minor children,including simultaneously digital financial assets and other digital rights, utilitarian digital rights and digital currency (if any) in the form according to Appendix No. 1.

Mikhail Mishustin, the current prime minister in Russia said that this new law would be a way to recognise digital financial assets as property meaning that owners would be able to rely on legal protection in regards to their investments.

The Ministry of finance is allegedly getting amendments ready when it comes to criminal liability for undeclared digital assets according to some reports. The ministry has put forward penalties for owners of digital assets who don’t report to the correct tax authorities at least twice in a three-year period.

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