President Putin Signs A Decree Requiring Russian Officials To Disclose Cryptocurrency Holdings

Russia’s attempts to provide more clarity toward cryptocurrencies continue with a new amendment to the Digital and Financial Assets (DFA) – a law that’s already in effect. The country has signed a decree obliging Russian officials to reveal their digital asset investments by June 30th, 2021.

Russian Officials To Disclose Crypto Holdings

According to local news, President Vladimir Putin has signed the decree on December 10th. Country officials have to disclose thorough information regarding their cryptocurrency investments. Those include the name of the coins that belong to them, their spouses, and minor children, the date of purchase, the total holding amount, and detailed information about the asset’s issuer.

Apart from already elected government personnel, citizens applying for similar positions in the Russian Federation, federal civil service positions, or federal civil servants would also have to provide the same information.

Although it’s not mandatory yet, the President has also recommended that federal and regional government agencies, including the Bank of Russia, also follow the decree. Putin believes that such personnel should disclose their cryptocurrency investments when “exercising powers that relate to determining the procedure for providing information on income, property, and property obligations.”

CryptoPotato reported recently that the country’s Prime Minister, Mikhail Mishustin, said that cryptocurrencies should be recognized as property. Consequently, their owners could rely on legal protection and defend their rights in court.

Monero Whale In Ukraine City Council

Earlier this year, Ukraine, a Russian neighbor and a former member of the Soviet Union, passed the first Draft Bill on Virtual Assets. Although the legislation has two more hearings before it could become official, country lawmakers have already started to disclose their cryptocurrency holdings.

One of the most compelling came from the youngest city council in the town of Kramatorsk – Rostislav Solod. The 19-year-old recently declared all assets and properties under his name, including a sizeable stash of 185,000 Monero tokens.

The document reads that Solod purchased the XMR coins in December 2015 when the price hovered around $0.30 and $0.50. With XMR’s price trading near $150 today, Solod’s holdings equal over $27 million.