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Russia Requires Government Officials, Spouses or Children to Disclose Cryptocurrency Holdings

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The disclosure process will begin on January 1, 2021.

Rhythm BlockBeats news, on December 12, according to a report by the Russian local news agency TASS 1, Russian President Vladimir Putin (Vladimir Putin) has signed a decree requiring Russian officials to Disclose its cryptocurrency investments by March 30.

The decree was officially published on Thursday, stipulating that it is compatible with the Russian Federation Encryption Law "Digital and Financial Assets" Or new measures related to DFA. The form requires officials to disclose data such as the name of the digital asset, date of acquisition, the total amount of assets held, and information about the asset’s issuer, such as the country of incorporation. The declaration must contain information about the cryptocurrencies and tokens of the officials, their spouses and minor children. The decree provides that the disclosure process will begin on January 1, 2021.

Some local cryptocurrency players said that the new regulatory measures will have a positive impact on Russia’s crypto ecosystem. Maria Stankevich, head of business development at cryptocurrency exchange EXMO, said the decree shows that "official bodies will abide by the same rules as ordinary citizens, without exception."