Vladimir Putin signs order requiring Russian public officials to disclose crypto holdings

advertisement

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.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More