Russia is the latest country to officially ask authorities to disclose its cryptocurrency holdings.

President Vladimir Putin signed a decree requiring Russian officials to disclose information about their investments in cryptocurrencies by June 30, 2021, local TASS news agency reported on December 10.

The decree, officially published Thursday, provides for new measures regarding the Federal Law on Russian Cryptocurrency “On Digital and Financial Assets,” or DFA.

The form requires officials to disclose details such as the name of the digital asset, date of acquisition, total remaining assets, and information about the source of the asset as the country of incorporation.

The ads must contain information about cryptocurrencies and tokens owned by officials, as well as their spouses and minor children. The decree says that the information process will begin on January 1, 2021.

According to some local players, the new regulatory initiative will have a positive impact on the Russian crypto system.

Maria Stankevic, head of business development at Cryptocurrency Exchange EXMO, told Cointelegraph that the decree states that “official business will be as compatible as ordinary citizens, without exception.”

Stankevich pointed to a wave of negative reviews about the proposed cryptography rules, which included criminal liability for errors in reporting crypto taxes:

“I think this is a great initiative, because it could force the State Duma to reconsider all the shortcomings of the bills that they tried to impose.”
The new regulatory initiative came before Russia introduced the DFA on January 1, 2021. As previously reported, the law finally gives legal status to cryptocurrencies in Russia, but bans the use of cryptocurrency as a payment tool.

Source: CoinTelegraph