Russia orders citizens to reveal their crypto holdings

Russian President Putin passed a new law for the crypto holders. Under the new law, all the Russian citizens are ordered to reveal their crypto holdings. 

Vladimir Putin, president of Russia, ordered a new law that will be applicable on all Russian citizens. This new system law will gather information of the crypto holders that how much they have Investment in crypto. This will help the Russian authorities to analyse the crypto space engagement by their citizens. 

According to INC-News, the Ministry of Labor and the Central Bank are informed about this new order. The whole information gathered by these authorities will be reported by the joint report of the Russian Finance Ministry. 

As per order  “On the National Anti-Corruption Plan for 2021-2024”, which is signed by signed by the President, the Ministry of Finance, the Ministry of Labor, and the Bank of Russia, will give their full report and analysis that how they government authorities should proceed to verify the ownership of crypto/Digital assets. These mentioned authorities have time to give a report until 15 November 2021.  

The official explanation on this order can be seen on the portal, which stated 

“The Ministry of Finance, with the participation of the Ministry of Labor, 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.”

The date of 15 November is too far. But until 20 September 2023, authorities of Russia should have to report on how much cost will be needed in the acquisition of gathering information of Digital assets holding & related things which are needed.

Read also: Canadian regulator will take action against OKEx exchange