President Vladimir Putin tasked several ministries and the Central Bank with preparing to review information from government officials about their holdings of digital assets. The order is part of a new anti-corruption plan recently approved by the Russian leader.
Authorities examine crypto disclosures filed by Russian officials as Putin approves anti-corruption plan
Russian President Vladimir Putin has signed a decree approving the country’s national anti-corruption plan 2021-2024. As part of the new strategy, the Russian head of state has ordered the ministries of finance, labor and digital development, as well as the central bank, to propose inspections of officials required to disclose their digital assets and currency.
The government departments and the Bank of Russia have until November 15 to submit their proposals, Russian business news portal RBC reported. Any controls must be able to actually determine the accuracy and completeness of the data provided by the officials on their cryptocurrency investments.
Institutions also need to analyze current practices for disclosing information about ownership of digital assets and controlling the expense of acquiring them. The deadline for this task is September 20, 2023. And before July 15, 2024, the attorney general’s office should come up with anti-corruption initiatives related to digital financial assets, digital rights (tokens) and cryptocurrencies, the report says.
Private crypto investors shouldn’t worry for now, but the noose is tightening, experts warn
Last year, Vladimir Putin signed an order forcing government employees to declare their cryptocurrency holdings. Russian officials were required to provide details of where they purchased the digital assets and their value by June 30, 2021. The obligation also applies to their spouses and children, as well as candidates for public office and their families.
Ordinary crypto investors have nothing to fear for now, but they shouldn’t relax either, according to Efim Kazantsev, an expert at the Moscow Digital School. The regulatory process regarding the cryptocurrency space in the Russian Federation “follows a path of tightening the screws,” he commented, also noting:
The state’s desire to take tight control of the cryptosphere is visible to the naked eye.
In the Russian Law “On Digital Financial Assets”, cryptocurrency is also defined as declarable and prudential property in terms of the origin of the funds spent on acquisition, emphasized Roman Yankovsky of the Moscow branch of the Russian Bar Association. He emphasized that the new presidential decree, although not aimed directly at private investors, could affect all market participants.
Do you expect the Russian government to stalk ordinary crypto investors at some point? Do share your thoughts on the matter in the comments below.
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