Russian government officials will be required to announce all private equity investments from the new year 2021.

These demands were voiced on October 20 by the Russian Attorney General’s Office Igor Krasnov after a meeting with 15 prosecutors representing member states of the Shanghai Cooperation Organization (SCO).

“Starting next year, officials will be required to announce [virtual] currencies on an equal footing with other assets,” Krasnov said.

In 2018, the Russian Labor Ministry announced that government officials would not need to declare virtual assets in their tax reports due to the unregulated position of the cryptocurrency. As such, there have been concerns that cryptocurrencies may be the financial tool of choice for bribery and corruption.

Over the past three years, the attorney general’s office has claimed to have confiscated more than $ 440 million in unannounced unencrypted assets from government officials.

The new requirements follow new laws signed by President Vladimir Putin in July that would classify cryptocurrencies as comparable to physical goods from 2021 – with virtual currencies being recognized for the first time in the country.

While the laws do not recognize cryptocurrencies as legal tender, they do legitimize activities related to cryptocurrencies across Russia.

In addition to the member states of the Shanghai Cooperation Organization, Russia, India, Kazakhstan, China, Kyrgyzstan, Pakistan, Uzbekistan and Tajikistan, generals of the Prosecutor’s Office in Afghanistan, Belarus, Mongolia, Iran, Azerbaijan, Cambodia and Armenia, which are not members and the observer countries of the Shanghai Cooperation Organization also attended the meeting . The group is dedicated to the topic of fighting corruption.

Russia’s announcement of reporting cryptocurrencies indicates that similar laws could soon be adopted across the Eurasia region.

In August, Russia’s Federal Financial Supervision Service said it had developed a method to “partially” de-anonymize transactions using Bitcoin (BTC), Ethereum (ETH) and the popular privacy currency Monero (XMR). The agency also indicated that many “foreign countries have also shown interest in the system,” noting that they want to sell the system to the allied countries.

Source: CoinTelegraph

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