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Amendments to the anti-corruption package include the identification of illegal enrichment of officials through cryptocurrency
The Russian authorities approved a law on the confiscation of funds from officials if the amount received exceeds the official income for the last three years, and the legitimacy of the money is not confirmed. According to the Anti-Corruption Law, not only rubles, but also digital financial assets (cryptocurrency) are subject to confiscation.
Under illegal enrichment is meant not only money, but also real estate, vehicles and securities of civil servants. The law states that the authorities can seize the funds of a civil servant upon receipt of information that the bank accounts of the person being checked and his close relatives received money in an amount exceeding their total income for the reporting period, and the legitimacy of the funds has not been proven.
As part of the inspections, the prosecutor’s office can apply not only to financial institutions, but also to “operators of information systems in which digital financial assets are issued.”
Meanwhile, the authorities cannot decide on the regulation of cryptocurrencies. Recall that the Central Bank of the Russian Federation proposes to introduce a ban not only on the issue and circulation of cryptocurrencies, but also on mining.
- According to the mega-regulator, the legalization of cryptocurrencies will not help replenish the budget through tax revenues. On the contrary, the recognition of cryptocurrencies will contribute to tax evasion, the Central Bank assures.
- The Ministry of Finance, meanwhile, introduced a bill to regulate cryptocurrencies. According to the details, it will be possible to invest in cryptocurrency with a limit of up to ₽600,000 only after successfully passing online testing. If the test is not passed, then the maximum amount of investments will be limited to ₽50,000.
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