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Russia’s public officials must disclose their crypto holdings by June 2021

Russian President Vladimir Putin has signed an order obliging Russian officials to disclose their cryptocurrency investments by June 30, 2021.

According to an officially released on Thursday, the decree stipulates new measures related to Russia’s federal crypto law “On Digital and Financial Assets,” (DFA).

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

Declarations must contain information about cryptocurrency and tokens belonging to officials as well as their spouses and minor children. The disclosure process will start on Jan. 01, 2021, the decree reads. 

According to some local crypto players, the new regulatory initiative will have a positive effect on the Russian crypto ecosystem.

Maria Stankevich, head of business development at crypto exchange EXMO stated:

“I think that this initiative is great as it may force the State Duma to reconsider all the drawbacks of the bills they have attempted to introduce.” 

The new regulatory initiative comes ahead of Russia imposing the DFA on Jan. 1, 2021. The law eventually provides legal status to crypto in Russia, but will forbid cryptos use as a payment instrument.

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