Russian officials shall declare the cryptos in their possession

Russian officials shall declare the cryptos in their possession by June 2021.

A new decree in Russia requires civil servants and their families to declare crypto and tokens in their possession by 30 June 2021.

Russia is the last country to officially require its government officials to report its possessions in cryptocurrency.

President Vladimir Putin signed a decree requiring Russian Bitcoin Champion officials to declare their investments in crypto by June 30, 2021, as reported on December 10 by the local news agency TASS.

Officially issued on Thursday, the decree establishes new measures relating to the Russian federal crypto regulation „On Digital and Financial Assets,“ or FDF.

The procedure obliges public officials to disclose data such as the name of the digital asset, the date of acquisition, the total amount of assets held, as well as information about the issuer of the asset such as the country of registration.

Declarations must include information on cryptocurrency and tokens belonging to officials and their spouses and minor children. The disclosure process will begin on January 1, 2021, explains the decree.

According to some local operators, the new regulatory initiative will have a positive effect on the Russian crypto ecosystem.

Maria Stankevich, responsible for commercial development at the EXMO crypto exchange, explained to Cointelegraph that the decree shows that „the establishment will follow the same compliance measures as ordinary citizens, without exception“.

„I think this initiative is very good because it could force the State Duma to reconsider all the disadvantages of the bills they have tried to introduce“.

The new legislation will be accompanied by the implementation of the DFA on 1 January 2021. As already mentioned, the law will finally give legal status to crypto in Russia, but will prohibit the use of cryptocurrency as a payment instrument.