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Russia has joined the ranks of countries that require its officials to disclose their crypto holdings. President Vladimir Putin recently signed an order compelling government officials to report their cryptocurrency holdings by June next year.
On Thursday, December 10, Putin signed an order that will require government officials to disclose the details and value of their cryptocurrency holdings, according to Coidesk. Both current civil servants, as well as those about to assume a government post, will be required to report their digital assets.
Government officials are required to submit their first report by June 30, 2021. The disclosure, which covers January to June 2021, must contain the value of their cryptos and where the tokens were purchased.
Aside from cryptocurrencies, the disclosure must include all types of digital assets such as digital securities and utility tokens, according to Bitcoin.com. Spouses and children of government officials are also required to report their digital holdings. Those who are applying for government positions are required to submit the report as well.
“The name of the digital financial asset indicated (if it cannot be determined, the type and scope of rights certified by the issuer of the digital financial asset are indicated),” the order stated. “Additionally, workers can also report digital rights, including both digital financial assets and other digital rights.”
The investment platform used for their cryptocurrency activities must be disclosed in the report. The order stated that workers must “indicate the name of the operator of the investment platform, its identification, (the) taxpayer number, and main state registration number.”
Some of the crypto players in the country expect the new cryptocurrency regulation to have a positive impact on the industry. According to Maria Stankevich, head of business development at crypto exchange EXMO, the order shows that the “official establishment will be as compliant as common citizens with no exceptions,” Cointelegraph reported.
“I think that this initiative is great as it may force the State Duma to reconsider all the drawbacks of the bills they have attempted to introduce,” Stankevich added. She noted that there has been a lot of negative feedback on proposed crypto regulations lately.
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