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.
Bill Requires Declaration of Crypto Holdings
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 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.”