Russian public officials will now be required to declare their cryptocurrency holdings, according to a new order President Vladimir Putin signed on Thursday.
According to the document, any public official or individual wishing to work in government must disclose their digital assets, as well as those of their spouse and children. They have until June 30, 2022, to state the type of amount of each asset they hold. Details of the presidential order reported by CoinDesk.
The country’s Ministry of Finance recently proposed a series of amendments to digital assets that would result in fines for public officials if they fail to declare annual digital currency transactions above 600,000 rubles, as reported by Russian news outlet RBK.
However, Russia’s parliament, the State Duma, relaxed this rule slightly in November, saying failure to declare crypto holdings on time would result in a fine of 50,000. If ownership is not reported at all, a fine of 10% of the sum of all transactions made will be imposed.