Russian officials are required to report on the ownership of digital assets

Russian officials are required to report on the ownership of digital assets

Russian President Vladimir Putin signed a new decree on December 10, according to which Russian officials will have to provide reports on the ownership of cryptocurrencies by June 30, 2021.

The decree “On measures to implement certain provisions of the Federal Law” On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation ” was published on the official portal of legal information.

According to the document, officials will be required to provide “notification of digital financial assets belonging to them, their spouses and minor children, digital rights that include both digital financial assets and other digital rights, utilitarian digital rights and digital currency (if any) in the form specified in Appendix No. 1.”

The application contains a notification form for the ownership of cryptocurrencies and digital assets, with separate digital financial assets, digital currencies, and utilitarian digital assets. The decree comes into force on January 1, 2021.

Also, government agencies, including the Central Bank of the Russian Federation, government and local self-government bodies, state extra-budgetary funds and state-owned companies are “recommended” to follow the decree when determining the procedure for submitting information on income and property.

Earlier, the chairman of the Investigative Committee of Russia, Alexander Bastrykin, said that the cryptocurrency should be recognized as property in Russia to facilitate the investigation of crimes.