Russia Mandates Civil Servants to Declare Crypto Holdings Starting 2021

Russian civil servants will be required to declare all their private crypto and digital asset holdings starting 2021, the Prosecutor General of the Russian Federation said.

October 22, 2020 | AtoZ Markets – Recently, the Financial Technologies Department of the Bank of Russia developed corresponding draft amendments to the law “On Digital Assets”, which will take effect as from next year.

Now, civil servants, starting in 2021, are required to declare such currencies on an equal basis with other assets.

The Prosecutor General of Russia, Igor Krasnov, said this yesterday, speaking at a meeting of the Prosecutors General of the SCO states.

Why Russian civil servant must declare their crypto holdings

In his speech, the Prosecutor General of the Russian Federation emphasized that in Russia the law assigns the prosecutor’s office a central role in the comprehensive work to prevent corruption phenomena, combat them, as well as eliminate and minimize the negative consequences arising from such actions.

Read also: Russia Proposes up to 3 Years of Jail for Unreported Crypto Tax

Mr. Krasnov drew the attention of the meeting participants to the fact that in Russia millions of people submit information on income and expenses every year. At the same time, prosecutors reveal a significant number of violations related to concealment or submission of incomplete information about income. No less effective, in his opinion, is control over the expenses of civil servants, aimed at preventing their unjustified enrichment.

“If an official or his family members spend an amount in excess of their total income for the last 3 years on the purchase of real estate, vehicles or securities during the year, the prosecutor has the right to sue for turning the illegally acquired property into state revenue,” said the Russian Prosecutor General.

Read also: Bank of Russia Limits Bitcoin Purchase for Inexperienced Investors to $8000

Further, as already mentioned, Mr. recalled the adoption in Russia of the Law “On Digital Assets” and the obligation of Russian officials to declare the presence of such assets on an equal basis with others, starting next year.

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