Russian Government Officials Are Now Required By Law To Declare Their Crypto Asset

Russian public officials will be required to disclose the total crypto they currently own, said the country’s Prosecutor General’s Office.

According to an official release, the Prosecutor General has proposed the reforms in line with the nation’s first crypto law, which was approved earlier this year and promulgates on January 1, 2021.

Although some believe that the law is a mere “glossary of terms” and a precursor to a more comprehensive bill that is still very much in progress, the new law will outlaw payments in cryptoassets and gives a legal footing to the crypto industry.

As such, Prosecutor General Igor Krasnov recently said that cryptoassets would soon have the same sort of “property rights” as other asset classes, such as real estate, vehicles, and securities – and as such must be declared.

Krasnov continued that all civil servants would be obliged to report their cryptoasset holdings as of 2021 with crypto to be considered “on an equal basis with other assets.

Under Russian law, public officials who conceal or providing incomplete or misleading information about their income and assets can be prosecuted by the judiciary under anti-corruption regulations.

In the past three years, the Prosecutor General’s Office said it has seized or confiscated $441 million worth of undeclared assets from civil servants who have attempted to hide their earnings.

The office did not reveal how it would identify potential offenders. Still, solutions such as a Federal Financial Monitoring Service (known locally as Rosfinmonitoring)-developed crypto de-anonymizing platform, details of which were revealed earlier this year, may well play a part.

Leave a Comment

Leave a Reply