Russian officials now have to declare their cryptocurrency holdings

Russian officials are required to declare all private cryptoasset holdings they own from New Year 2021.

The requirements were announced on October 20 by the Russian General Prosecutor’s Office. Igor Krasnov after meeting 15 other attorneys general representing the member states of the Shanghai Cooperation Organization (SCO).

“From next year officials will have to declare the coins [virtuales] on the same terms as other assets “Said Krasnov.

Russian officials now have to declare their cryptocurrency holdings
Russian officials now have to declare their cryptocurrency holdings

In 2018, the Russian Labor Ministry announced that due to the unregulated status of cryptocurrencies, officials would not be required to disclose virtual asset holdings in their tax reports.. As a result, concerns remain that crypto assets could be the financial tool of choice for bribery and corruption.

For the past three years The attorney general allegedly seized undeclared and unencrypted assets from officials valued at more than $ 440 million.

The new requirements are a consequence of the new laws that President Vladimir Putin signed in July that will classify crypto assets as physical assets from 2021. first-time detection of virtual currencies in the country.

Although the laws do not recognize cryptocurrencies as legal tender, They will legitimize activities related to cryptocurrencies across Russia.

In addition to the SCO member states Russia, India, Kazakhstan, China, Kyrgyzstan, Pakistan, Uzbekistan and Tajikistan, attorneys general from Afghanistan, Belarus, Mongolia, Iran, Azerbaijan, Cambodia and Armenia were also present. who are non-member and observer states of the SCO. The meeting focused on the issue of the fight against corruption.

The Russian announcement on the reporting of cryptocurrencies suggests this Similar laws will soon be enacted across the Eurasian region.

In August, The Russian Financial Regulatory Service claimed it had developed a way to “partially” de-anonymize transactions with Bitcoin (BTC), Ethereum (ETH) and the popular data protection currency Monero (XMR). The agency also found that Several “overseas countries have also shown interest in the system”, suggesting that the system is to be sold to allied nations.

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