Russian Officials Must Reveal Their Crypto Capitals

by in DeFi News

Russia crypto law

Russian state authorities will now be required to report about their digital asset funds, according to a new order President Vladimir Putin confirmed on Thursday.

Related: Venezuela uses BTC to finance its external operations

The paper states that any government officer must disclose not only his or her crypto funds but also the properties of their spouse and children.

The initial reports must be presented from Jan. 1 to June 30, 2021. This also refers to people applying for government positions. They must attach the report to the inquiry form.

Crypto assets are considered as a class of property by a Russian law approved this summer and meant to act since January.

The Russian Ministry of Finance lately introduced a set of draft laws assigning the norms for announcing crypto for tax objectives. It suggested reporting crypto holding in case of yearly transactions surpass 600,000 Russian rubles (around $7,800). Not following the rule would result in fines of up to three years in prison based on the hidden sum.

Anyway, the government decided to soften these rules. On Nov. 30, Russia’s parliament, the State Duma adopted a law that states a fine of 50,000 rubles (about $682) in the case of not delivering the reports on time, and 10% of the amount of all transactions if not reporting them at all