Putin signs decree requiring officials to declare cryptocurrency holdings

On 10 December, Russian President Vladimir Putin signed a decree obliging officials and applicants for relevant posts to provide information about their existing digital financial assets.

The declaration must include information about the cryptocurrency and tokens owned by them, their spouses and minor children. The first reporting period must be filed from 1 January to 30 June 2021.

The decree prescribes the form that officials must use when providing information about their cryptocurrency assets. It should specify the asset name, date of acquisition, total quantity, and information about the operator of the information system in which the asset is issued, including the country of registration.

Decree of the President of the RF from 10 December 2020 by ForkLog on Scribd

As a reminder, the Law “On CFAs”, which defines “digital financial assets” and “digital currencies”, was passed in late July. It recognises cryptocurrencies as property and prohibits using them to pay for goods and services on the territory of the Russian Federation. The document will come into force on 1 January 2021.

In late November, the Russian government approved the bill on declaring cryptocurrency transactions and introduced it to the State Duma.

Additional, as yet unapproved amendments envisage administrative and criminal liability for breaches of the reporting regime.

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