Russian public officials will now be required to declare their cryptocurrency holdings, according to a new order President Vladimir Putin signed on Thursday.
According to the document, any public official or individual who wants to work in government must disclose their digital assets, as well as those of their spouse and children. They have until June 30, 2021, to declare the types of quantities of each of those held assets. Details of the presidential order were reported by CoinDesk.
The country's Ministry of Finance recently proposed a series of amendments on digital assets that would result in fines for public officials if they fail to declare annual digital currency transactions above 600,000 roubles, as reported by Russian news outlet RBK.
However, the Russian parliament, the State Duma, relaxed these rules slightly in November, saying a failure to declare crypto holdings on time will incur a fine of 50,000. If holdings are not reported at all, a fine of 10% of the sum of all carried out transactions will be imposed.