Crypto regulation: Russian officials must now disclose crypto holdings

Russian President, Vladimir Putin, has signed a decree mandating all Russian officials to disclose their crypto holdings by June 30, 2021.

According to the decree that was officially released on Thursday, officials will be required to disclose data such as the name of the digital asset they are holding, its date of acquisition, as well as the total amount of the assets held. Taking it a step further, officials are also to disclose the information on the issuer of the asset like the country of registration.

The disclosure process is expected to begin on January 1, 2021, the decree states. Interestingly, the declarations must include not just officeholders but their spouses and minor children.

Local crypto players believe that the new regulatory initiative will have a positive effect on Russia’s crypto economy. “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,” Maria Stankevich, head of business development at crypto exchange EXMO, told Cointelegraph.

Meanwhile, digital assets are growing to become a popular asset class in Russia. Research confirms that it is the fifth most popular kind of investment in the country.