The Prosecutor General’s Office recently made a shocking announcement for their civil servants. As per the General’s Office, the public officials will now be obligated legally to declare their cryptocurrency assets and holdings.
The Prosecutor General’s Office has released this statement following the country’s first crypto law. The very first crypto law was approved by the Lower House of the Parliament (Duma) back in July 2020. This is when the crypto-industry was accepted by Russia. The law passed will be implemented from the 1st of July 2021.
At present, there are many analysts who have stated that the first law passed by Russia is nothing more than a list of items. The Russian government has done this to keep the cryptocurrency industry under their control.
However, the Russian Government is currently in the process of creating a more comprehensive and strict bill. Once passed and introduced, this new bill will streamline payments in crypto-assets. This will provide the cryptocurrency industry with the legal presence that it currently needs to expand its network.
Yesterday, Prosecutor General Igor Krasnov, made a comment about the current presence of the crypto-assets in Russia. He stated that the crypto-assets in Russia will soon have the same property rights as other asset groups. These groups consist of securities, vehicles, and real estate. He stated that soon, cryptocurrency assets will be declared as a group with property rights in Russia.
He also made it very clear that it will be mandatory for all civil servants to declare their crypto-asset holdings. This rule will also be in place with the beginning of the next year and crypto-assets will be dealt with on an equal basis as other asset groups.
As per Russian Law, the public officials are strictly instructed not to conceal or provide misleading or incomplete information about their assets and income. If an official is found involved in such activities, he/she will be prosecuted by the judiciary under the regulations of anti-corruption law.
The Prosecutor General also revealed that so far, they have taken a total of $441 worth of assets into their custody. These are the undisclosed assets that the civil servants were caught hiding from the Russian government.