Vladimir Putin is the president of Russia who has recently started to take a keen interest in cryptocurrencies. He recently introduced a new financial information board that makes it compulsory for citizens to report their crypto holdings to federal regulators. For this task, Putin has given authority to the Finance Ministry of Russia.
The FNC is liable to compile a report with the help of the Central Bank of Russia (CBR) and the Russian Ministry of Labor. Both reporting parties have received official notifications from the presidential office. The report published by INC News reveals that the committee is going to use the National Anti-Corruption Ordinance 2021-2024. All three federal offices are decreed to prepare ideas that can be useful for the collection of the required information.
The initially named state offices that are charged with the preparation of a proposal are the Russian Central Bank, Ministry of Finance, and Labor Ministry. The main objective of these ministries is to come up with the best approach to go about the collection of information from the masses. Russian President plans to get a detailed account of the cryptocurrencies from the citizens of the region.
For public information and guidance, a legal charter has been updated on the state website. The charter describes that every citizen who owns any type of virtual currencies, contract, futures, and trade derivatives needs to be included in the information log. Till 2023, the ministries are going to establish public education panels that guide the masses about their crypto rights and factors like cost control for their holdings.
Citizens in Russia are Preparing to Deal with New Regulations
Following the new stance towards cryptocurrencies from the President’s office, CBR issued new guidelines for the stock exchanges in Russia. As per the new directive, all stock exchanges are barred from listing or offering any digital assets or tokens. CBR leadership explains that due to the high volatility, liquidity limitations, absence of transparency, and non-existent regulations of crypto markets, these are high-risk trade commodities.
A few weeks ago, Russian authorities announced for the first time that there are some major changes expected in the cryptocurrency regulations. The main focus of this change is the close monitoring of Bitcoin activities and other digital assets. Rosfinmonitoring is the federal fintech watchdog in Russia; recently, it remarked that the crypto investors in Russia could be identified, tracked, and monitored with the help of a system.