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The finance ministry of Russia and the central bank require deputies of State Duma to declare their cryptocurrencies holdings or investments. The Ministry of Labor state that currently, officials are not required informing the finance ministry or the central bank of Russia about their cryptocurrency investment. Therefore, Russian government sees cryptocurrency as a financial tool that has to be regulated.

Cryptocurrency holdings declaration

Anatoly Aksakov, the chairperson of the State Duma Committee on Financial Markets stated that officials will be required to inform government (with a declaration) about cryprocurrency holdings in the near future. This is a new requirement issued by the ministry of finance and the central bank.

The bill will be ready in February. The finance ministry proposed to count crytptocurrency holdings as “other property”. Anatoly Askarov stated that the new bill would make officials to include cryptocurrency holdings in income statements. It will happen right when the law on the definition of cryptocurrency will be adopted. Askarov noted that the law determines cryptocurrency as property and any property of a State Duma deputy has to be declared. The chairperson also added that definition of cryptocurrency and definition of it as property is important for Russia, as it is in the interest of the country.

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It should be mentioned that Russia is not the only country where official have to declare their cryptocurrency holdings. South Korean lawmakers introduced a bill that requires official to inform government about their cryptocurrency holdings as well. Another country that requires declaration of cryptocurrency possessions is Ukraine. Three Ukrainian lawmakers (Urbansky – about $10 million, Belotserkovets – $1.6 million, Golubov – about $35 million) declared their bitcoin possessions that are worth $47 million.

Currently, state employees do not have to declare their crytptocurrency savings. According to modern income declaration form, it does not include goods or services that are received in kind, as well as virtual currencies. This is the first time, when the term “cryptocurrency” is mentioned in the document.

Anatoly Askarov, stated that two versions of bills exist.  The first one regulates cryptocurrency operations, initial coin offerings and mining. The second one is dedicated to crowdfunding. It also features procedures that have to be implemented in the case of the bankruptcy of an organization that used tokens in order to attract investments needed to implement a project.

The bill is still needs some work. That is why the finance ministry is working hard on it, trying to introduce new terms in order to legalize cryptocurrency trading on exchanges that are approved. Considering cryptocurrency trading support by the central bank Anatoly Aksakov mentioned that the central bank is very cautious when it comes to cryptocurrency. At the same time, he states that it is an inseparable phenomenon of modern economics and they will not prohibit it. He also added that without resolving the situation, they would make people deal with criminal activities.

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