Russian authorities allow officials not to declare income in virtual currencies

By | January 10, 2018

Russian authorities allow officials not to declare income in virtual currencies

The Russian Ministry of Labor has issued updated recommendations for officials on how to declare incomes for 2017, mentioning virtual currencies. It is allowed to not declare assets in cryptocurrencies.

These recommendations are developed annually with the participation of the presidential administration and the Prosecutor General’s Office. According to the latest version of recommendations, officials are allowed to not declare virtual assets. It is the first time when such recommendations mention virtual currencies in the section “Other incomes.”

“The form of the declaration does not imply graphs for goods, services received in kind, as well as virtual currencies,” the document says.

At the same time, officials are required to declare shares and other securities. As well as winnings in lotteries, charitable contributions and other income in cash or non-cash form. Such a situation can significantly increase the risk of taking bribes in crypto-currencies.

The Russian Ministry of Labor later explained that it excluded cryptocurrencies from the list of property that is obligatory for state officials to declare due to the lack of legislation regarding these assets.

“The declaration does not include cryptocurrencies since currently there is no regulation of cryptocurrencies in the Russian Federation at the legislative level.”

Published at Tue, 09 Jan 2018 22:39:09 +0000