Russian President Vladimir Putin Signs Order Compelling Government Workers to Disclose Crypto Holdings

Russian President Vladimir Putin Signs Order Compelling Government Workers to Disclose Crypto Holdings

Russian President Vladimir Putin has signed an order compelling the country’s government workers to disclose their cryptocurrency holdings. The order stipulates that employees must submit details of where they bought the digital assets and the value thereof by June 30, 2021.

Similarly, children and spouses of government employees must disclose their digital asset holdings, according to a document that was signed on Nov. 10. Meanwhile, as part of the new requirements that are also applicable to citizens applying for public office, Russian government workers are required to state:

The name of the digital financial asset indicated (if it cannot be determined, the type and scope of rights certified by the issuer of the digital financial asset are indicated). Additionally, workers can also report digital rights, including both digital financial assets and other digital rights.

Additionally, the order directs workers to furnish the government with details of the investment platforms they use. Meanwhile, in addition to the requirement to specify the “unique convention that identifies the utility digital right,” the decree asks workers to “Indicate the name of the operator of the investment platform, its identification. (The) taxpayer number and main state registration number.”

Before signing the latest order, the Russian president signed into law a bill giving legal status to cryptocurrencies in late July. Still, that measure prohibits the use of cryptocurrency as a means of payment.

Consequently, the new order, along with revised proposals sent to parliament (Duma) by the country’s Ministry of Finance in late November, appears to be the continuation of that stance. In fact, the latest measures and efforts by the Russian government reiterate to its workers the liabilities that arise from possessing digital currencies.

What do you think of the Russian government’s new requirements? Tell us what you think in the comments section below.

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