Vladimir Putin Issues Order to Cabinet to Develop a System for Crypto Holdings Declaration

Sahaj  |  Aug 20, 2021

Russian President Vladimir Putin issued an order to the Ministry of Finance, the Ministry of Labor, and the Bank of Russia to build a system that forces citizens to declare their cryptocurrency holdings. In accordance with the information shared by INC-News, the President aims to gather all information via a joint report spearheaded by the Russian Finance Ministry, after communicating the order to the Ministry of Labor and the leaders of the Central Bank.

Vladimir Putin Issues Order to Ministries and Bank for Crypto Holdings Declaration

The official document mentioned that various entities should start preparing proposals on the procedure for authenticating the accuracy and fullness of information and said:

“The Ministry of Finance, with the participation of the Ministry of Labor, the Ministry of Finance and the Bank of Russia, should prepare proposals on the procedure for verifying the accuracy and completeness of information on the ownership of digital financial assets, other digital rights and digital currency. A report on the results of execution to submit by November 15, 2021.”

In addition to this, the President of Russia, Vladimir Putin, gave instructions to the corresponding departments as part of the order ‘On the National Anti-Corruption Plan for 2021-2024’ to conduct the analysis, and thus compelling citizens on crypto holdings declaration.

Bank of Russia Issued a Recommendation for Local Stock Exchanges 

At present, Russia stands at 129th place out of 180 countries in the Corruption Perceptions Index of Transparency International.

The Central Bank of Russia called on to the exchanges to prohibit offering cryptocurrencies to investors. According to the central bank, crypto assets are a risk due to their high fluctuations, pricing issues, and lack of regulations and transparency.

Moreover, as per the financial monitoring body of the country, Rosfinmonitoring, crypto investors would be monitored by a system that keeps track and analyzes their actions.

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