March 28, 2024

Russian MPs Must Submit Crypto Declarations By June 2021

Russian MPs Must Submit Crypto Declarations By June 2021

Russian officials are now required to declare their cryptocurrency holdings.

President VladimirPutin signed a decree obliging Russian officials to disclose information about their savings in cryptocurrency until June 30, 2021.

The decree issued Thursday requires thatofficials reported the following data – the name of the digital asset, the date of acquisition, the total amount of the asset in wallets, as well as the country of registration of the issuer of the asset.

Declarations must contain information about cryptocurrencies and tokens belonging to officials, as well as their spouses and minor children. The filing process will begin on January 1, 2021.

Recall that on January 1, 2021, in force alsothe Law on Digital Financial Assets (DFA) enters, which gives cryptocurrencies a legal status, but prohibits their use as a means of payment. According to a recent decree from the Ministry of Finance, a crypto-holder can be criminally liable for evading the declaration of digital assets and go to jail for up to three years.

The law on declaring cryptocurrency savings was previously adopted in Ukraine. Officials have already submitted declarations and most of them turned out to be large cryptocurrency holders. 

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Based on materialscointelegraph.com