President Vladimir Putin has given several ministries and the central banking the task of preparing to verify information provided to them by government employees about their digital assets. This order is part of a newly approved anti-corruption plan by Russian leader.
As Putin approves the anti-corruption program, Russian officials must inspect crypto disclosures.
Russian President Vladimir Putin signed a DecreeApproving the country’s 2021-2024 National Anti-Corruption Plan. The Russian head has asked the ministries for finance, labor, and digital development to inspect any officials who are obliged to reveal their digital assets and currency as part the new strategy.
Russian economic news portal RBC reported, that proposals from government departments and Bank of Russia are due by Nov. 15. Audits should be capable of proving the accuracy and completeness to the data provided by officials in relation to cryptocurrency investments.
Institutions will also have to examine the current practices for disclosure of information about digital assets owned and the controls on their acquisition. This task must be completed by September 20, 2023. The attorney general’s Office is expected to present measures to combat corruption related to digital financial assets and digital rights (tokens), but not before July 15, 2024. detailed report.
Private crypto investors need not be concerned, experts warn. However, the noose is tightening.
Vladimir Putin signed an order last year requiring government employees reporting their cryptocurrency holdings. Russian officials were required by law to report the exact location of their digital assets and their value by June 30, 2020. This obligation applies to their spouses, children, and applicants for employment. public office and their families.
Efim Kazantsev, an expert at Moscow Digital School, says that while ordinary crypto investors have nothing to be concerned right now, they should not relax. He said that the regulatory process for the Russian Federation’s cryptocurrency space “follows an increasingly tightening path,” while also noting:
The desire of the state to tighten control the crypto sphere can be clearly seen to the naked eye.
According to Roman Yankovsky, the Moscow branch said that cryptocurrency is also subject to control and declaration under the Russian law regarding digital financial assets. Russian lawyers. He stated that, although the new presidential decree doesn’t directly target private investors it can affect all market participants.
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