"According to the recent developments in the cryptocurrency market, the Central Bank and the Finance Ministry of Russia has introduce a new bill, relating to the new set of rules and regulations on cryptocurrency. The State Duma deputies have to essentially declare their cryptocurrency investments. Previously, such practices were not in process or a part of the rules and regulations in Russia."
The Announcement Made:
states about the new rules and regulations which doubt created the huge stir in the economic parts of the society as well as the political parts also.In an interview with a renowned publication Gaxzeta, Anatoly Aksakov, the State Duma Committee Chairman of Financial Markets, revealed that in case the adaptation of the bill takes place then, “Officials will be forced to indicate their cryptocurrency [holdings] in their income statements. This will automatically happen with the adoption of the law on the definition of cryptocurrency.”
Also, he noted that in case the law says that the cryptocurrency is a property, then all the property that is owned by the State Duma Deputy should be declared.
Aksakov claimed that he is not engaged with any kind of cryptocurrency. He stated,“it is in the interest of the state to justify the rules that define cryptocurrency as property.”
It is important to mention here that Russia isn’t the only nation to use legislation that requires the lawmakers to declare the crypto assets. Earlier this week, it was reported that one South Korean lawmaker submitted a bill requiring the government officials for declaring the cryptocurrency assets.
Presently No Declaration Needed:
At the beginning of this month also, there was no sign of a bill to be introduced regarding cryptocurrency. At the beginning of the month, it was announced from the Labor Ministry of Russia that there was no requirement for the state employees to declare their crypto assets as the form for income“does not provide for the indication of goods, services received in kind, as well as virtual currencies.” However, the scenario quickly has changed now and the result is much different.
Aksakov also informed Gazeta that two bills have been submitted, one dealing with the regulatory framework and the other with the regulations of crowdfunding. He mentioned that the procedures should be “should be implemented in the case, for example, of the bankruptcy of an organization that issued tokens to attract investments for the implementation of a project.”
Also, the legalization process of the cryptocurrency is on the way with the finance ministry now. Aksakov mentioned, “The central bank is very cautious about this, but I think that we will nevertheless follow a faster path than the central bank expected. Since there is a phenomenon, we are unlikely to prohibit it. And if we do not resolve it, then we will drive people into criminal activities.”