Russia is the latest country to officially require its government officials to report their cryptocurrency holdings.
President Vladimir Putin has signed a decree obliging Russian officials to disclose their crypto investments by June 30, 2021, local news agency TASS reported on Dec. 10.
Officially released on Thursday, the decree stipulates new measures related to Russia’s federal crypto law “On Digital and Financial Assets,” or DFA.
The form requires officials to disclose data like 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 include information about cryptocurrency and tokens belonging to officials as well as their spouses and minor children. The disclosure process starts on Jan. 1, 2021, the decree reads.
The new regulatory initiative will have a positive effect on the Russian crypto ecosystem, according to some local crypto players.
Maria Stankevich, head of business development at crypto exchange EXMO, told Cointelegraph that the decree demonstrates that the “official establishment will be as compliant as common citizens with no exceptions.”
Stankevich noted the wave of negative feedback on proposed crypto regulations, which included criminal liability for crypto tax reporting failures:
“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. As previously reported, the law finally provides legal status to crypto in Russia, but will prohibit cryptos use as a payment instrument.