Putin To Sign Decree Requiring Officials To Disclose Their Crypto Holdings

Putin to sign a decree soon that requires officials to disclose all their crypto holdings while a Ukrainian lawmaker just declared owning $27 million in Monero so let’s find out more in today’s crypto news.

Russia’s attempt to provide bigger clarity towards crypto continues with a new amendment to the Digital Financial Assets law which is already in effect. With now preparations for Putin to sign a decree, all Russian officials will have to disclose their digital assets investments by June 30^th, 2021. According to the local news, the country officials will have to disclose info about their crypto investments like the name of the coins, the owners, their relatives, and minor children with the date of purchase as well as the holding amount about the asset’s issuer.

Apart from the elected government proposal, the citizens that apply for similar positions in the country as well as federal civil servants will have to provide the same information. Although not mandatory yet, the President recommended that the regional and federal government agencies like the Bank of Russia will follow the decree. Putin thinks that this personnel should disclose their crypto investments when “exercising powers that relate to determining the procedure for providing information on income, property and property obligations.”

As per the reports, the country’s Prime Minister, Mikhail Mishustin, said that crypto assets need to be recognized as property. Their owners will rely on legal protection and can defend their rights in court. Ukraine for example, the next-door neighbor, and former member of the Soviet Union passed the first bill on virtual assets. The legislation has two more hearings before it becomes official so the lawmakers will have to start disclosing their crypto holdings already.

One of the most compelling came from Kramatorsk- Rostislav Solod. He is a 19-year old who declared all assets and properties under his name including a sizeable stash of 185,000 monero tokens. the document says that Solod bought XMR coins back in 2015 December when the price hovered around $0.30 and $0.50 so now with XMR trading near $150, Solod holds about $27 million.

As previously reported, In the latest turn of events, the Russian Ministry of Finance took a harsh stance towards crypto regulations. The crypto holders on not disclosing their digital assets that are worth more than 45 million rubles, at least twice in a period of three years, stand to face jail time of up to three years. This, however, is an amendment from the previous version. According to the latest update on BTC and crypto regulations, Russia’s Ministry of Finance looks ready to tighten the control on the people that deal with crypto assets, as Russia demands prison time for owning crypto.