Russian Bill Requires Officials to Declare Their Cryptocurrency Investments

The bill for the regulation of cryptocurrencies in Russia submitted by the finance ministry and the central bank requires State Duma deputies to declare their cryptocurrency investments. Currently, government officials are not required to declare their crypto holdings, according to a recent announcement by the Russian Ministry of Labor.

Also read: Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in March

Bill Requires Declaration of Crypto Holdings

Russian Bill Requires Officials to Declare Their Cryptocurrency Investments
Anatoly Aksakov.

The chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, explained last week that Russian officials will be required to declare their cryptocurrency holdings under the bill recently submitted by the central bank and the ministry of finance.

In this bill, which is expected to be ready in February, the finance ministry proposed treating cryptocurrency as “other property,” as previously reported.

In an interview with Gazeta, Aksakov revealed that if the bill is adopted, “officials will be forced to indicate their cryptocurrency [holdings] in their income statements,” the news outlet conveyed. “This will automatically happen with the adoption of the law on the definition of cryptocurrency,” he added, noting:

If the law prescribes that this [cryptocurrency] is property, then any property owned by a State Duma deputy must be declared.

While Aksakov claims that he does not own any tokens or cryptocurrencies so the law will not affect him personally, he believes that “it is in the interest of the state to justify the rules that define cryptocurrency as property.”

Russia is not the only country to submit legislation requiring lawmakers to declare their crypto holdings. Earlier this week, reported that a Read More Here