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Russian officials to report on their holdings of cryptosystems by June 2021

A new decree in Russia requires officials and their families to disclose their holdings of crypts and tokens by 30 June 2021.

Russia is the latest country to officially require its government officials to report on its crypt holdings.

President Vladimir Putin signed a decree obliging the Russian authorities to disclose their crypto investments on 30 June 2021, according to the local news agency TASS on 10 December.

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Officially launched on Thursday, the decree sets out new measures related to Russia’s federal law on crypts „On Digital and Financial Assets,“ or DFA.

The form requires officials to disclose data such as the name of the digital asset, the date of acquisition, the total amount of assets held, as well as information about the issuer of an asset such as the country of registration.

The declarations must include information on crypto-currencies and tokens belonging to officials, as well as their spouses and minor children. The disclosure process begins on 1 January 2021, reads the decree.

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The new regulatory initiative will have a positive effect on the Russian cryptosystem, according to some local cryptospatial actors.

Maria Stankevich, head of business development at the EXMO crypto currency exchange, told Cointelegraph that the decree shows that „the official establishment will meet the standards like ordinary citizens without exceptions“.

Stankevich noted the wave of negative comments on the proposed cryptoregulations, which included criminal liability for failures in cryptomoney tax reports:

„I think this initiative is excellent, as it may force the State Duma to reconsider all the drawbacks of the bills they have tried to put forward“.
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The new regulatory initiative comes ahead of Russia’s imposition of the EUSD on 1 January 2021. As previously reported, the law will finally give legal status to crypto currencies in Russia, but will prohibit the use of crypto currencies as a payment instrument.