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Russian Officials were Obliged to get rid of Cryptocurrency before April 1

Russian Officials

Russian officials were obliged to get rid of cryptocurrency before April 1

Russian Officials

The Ministry of Labor and Social Protection of the Russian Federation issued an information letter in which it informed civil servants about the need to get rid of savings in cryptocurrency by April 1, 2021.

“Officials are obliged to dispose of digital financial assets issued in information systems organized in accordance with foreign law, as well as digital currency, regardless of the country of issue,” – the letter says.

The letter also establishes a ban for civil servants to own and use these types of assets. The list of persons to whom these norms apply is spelled out in the Federal Law of May 7, 2013 N79-FZ.

Recall that on December 10, 2020, Russian President Vladimir Putin signed a decree that obliges officials and applicants for the relevant positions to declare information about the cryptocurrency and tokens belonging to them, their spouses, and minor children.

The first reports must be submitted within the period from January 1 to June 30, 2021. No reporting is required for digital financial assets and digital currency acquisitions in 2020. The draft law on taxation of transactions with cryptocurrency for citizens was submitted to the State Duma in early December 2020.

We remind you that from January 2021, the “Law on Digital Assets” came into force in Russia. This document defines digital currency and spelled out the mechanism for its use in the country. Read more here…

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