Russian President Vladimir Putin has ordered a new system that compels citizens to reveal their cryptocurrency holdings.
After notifying the Ministry of Labor and the Central Bank, the President intends to gather all the facts via a joint report chaired by the Russian Finance Ministry, according to INC-News.
In accordance with the decree “On the National Anti-Corruption Plan for 2021-2024”, signed by the President, the Ministry of Finance, the Ministry of Labor, and the Bank of Russia must prepare their proposals on the procedure for verifying information on the ownership of digital assets by November 15.
Ministers to prepare proposals
By way of explanation, the official document published on the portal of legal information states:
“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.”
Until September 20, 2023, the departments were instructed to examine and summarize the practice of providing information on the ownership of digital financial assets, other digital rights, digital currency, and control over the costs of their acquisition.
Russia is tightening its crypto laws
A new rule from the Central Bank of Russia (CBR) called on stock exchanges to forbid offering cryptocurrencies to investors. According to the CBR, crypto products remain a risk because of their high volatility, pricing issues, limited liquidity, lack of transparency, and ambiguous regulations.
Meanwhile, on August 5, it was revealed that Russia is expanding its cryptocurrency regulatory framework, which includes plans to monitor Bitcoin and other digital currencies.
According to Rosfinmonitoring, the country’s financial monitoring body, crypto investors would be monitored by a system that tracks and analyzes their actions. Additionally, the technology may be able to identify crypto users.