The President of the Russian Federation, Vladimir Putin has issued a new order. The order insists that all public officers must declare any cryptocurrency assets in their possession. This includes civil servants and any person who seeks to hold a position in the Russian government.
Public Officials, Families to Declare Crypto Assets
The order, which was signed yesterday, is not exclusive to Bitcoin but covers all digital assets. Public officials are mandated to give a detailed account of each of their crypto assets. Information like the quantity of crypto and place of purchase must be included in the declaration. This is not limited to the officers alone. Their immediate family: partner and children of the officer must also declare their crypto assets.
Any intending public official must first declare any crypto assets before being sworn-in. Anyone that vies for a public office is also mandated to make a crypto declaration. The government expects all the necessary paperwork to come in within the first half of 2021.
Cryptos are Assets, at Least to Russians
This is not new as Asset declaration is a common practice in many countries. The Russian government has, however, decided to include crypto as part of the assets it needs documentation on. This is to ensure that government officials do not use crypto as means of embezzling government funds.
It is important to note that the Russian government sees crypto as assets. Last month the Russian Ministry of Finance announced that the government was promising to view crypto as assets. The bill was later signed into law by Putin recently and will take effect from next year.
Although it appears to be hostile, Russia is growing more friendly to cryptocurrency. In July, the Russian government accepted crypto as a legal payment option. This was preceded by a bill which made it illegal for crypto to be used in Russia. Pleas from different sectors of the economy resulted in the modified version which is much more friendly.