Putin orders Russian government to prepare to verify officials with crypto assets – Bitcoin News settlement

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President Vladimir Putin has tasked several ministries and the central bank to prepare to verify information provided by government employees on their holdings of digital assets. The order is part of a new anti-corruption plan that was recently approved by the Russian leader.

Authorities must inspect crypto disclosures filed by Russian officials as Putin approves anti-corruption plan

Russian President Vladimir Putin signed a decree approving the National Anti-Corruption Plan 2021-2024. As part of the new strategy, the Russian head of state has tasked the ministries of finance, labor and digital development, as well as the central bank, to offer inspections of officials who are forced to disclose their digital assets and their currency.

Government departments and the Bank of Russia have until Nov. 15 to submit their proposals, Russian economic news portal RBC reported. Any audits should be able to properly establish the accuracy and completeness of the data provided by officials regarding their cryptocurrency investments.

Institutions will also need to analyze the practices currently in place for the disclosure of information on the ownership of digital assets and the expenditure controls for their acquisition. The deadline for this task is September 20, 2023. And before July 15, 2024, the attorney general’s office is expected to present initiatives to crack down on corruption related to digital financial assets, digital rights (tokens) and crypto. currency, details the report.

Private crypto investors shouldn’t be worried just yet, but the noose is tightening, experts warn

Last year, Vladimir Putin signed an order requiring government employees to report their cryptocurrency holdings. Russian officials were required to provide detailed information on where they purchased the digital assets as well as their value by June 30, 2021. The obligation also applies to their spouses and children as well as applicants for employment. public office and their families.

Ordinary crypto investors have nothing to worry about just yet, but they shouldn’t relax either, according to Moscow Digital School expert Efim Kazantsev. The regulatory process regarding the cryptocurrency space in the Russian Federation “follows a tightening path,” he commented while noting:

The state’s desire to tightly control the crypto sphere is visible to the naked eye.

In the Russian law on digital financial assets, cryptocurrency is also defined as a property subject to declaration and control in terms of the origin of the funds spent on its acquisition, said Roman Yankovsky of the Moscow branch of the Association. Russian lawyers. He stressed that although the new presidential decree does not directly target private investors, it can affect all market players.

Do you expect the Russian government to end up going after ordinary crypto investors? Share your thoughts on the subject in the comments section below.

Tags in This Story Crypto, Cryptocurrency, Statements, Executive Order, Digital Assets, Digital Currency, Digital Financial Assets, Digital Rights, Disclosure, Government Employees, Government Officials, Officials, Order, President, Putin, Russia, Russian, Tokens, Vladimir Putin

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