Russia’s Federal Security Service seeks powers to obtain information from crypto platforms –

The Federal Security Service of the Russian Federation has issued a draft regulation allowing its agents to request information from cryptocurrency platforms among other organizations. The move follows changes to the anti– Corruption legislation in Russia, the agency noted.

FSB wants access to crypto data for anti-corruption checks in Russia

Russia's main law enforcement agency, the Federal Security Service (FSB), has decided to grant its employees additional powers to obtain information from various organizations and institutions as part of the fight against corruption. A Draft regulation has been published for public discussions and the FSB welcomes “independent anti-corruption expertise” on this issue.

According to the document, FSB agents are given permission to submit requests for information to credit institutions, tax authorities and government agencies responsible for registering rights to real estate as part of anti-corruption inspections. The order also lists “operators of information systems in which digital financial assets are issued.”

The move comes after the introduction of changes to Russian anti-corruption legislation. Since January 1, 2021, digital financial assets such as cryptocurrencies are considered property in Russia. Crypto holdings information should be reflected in profit and loss statements.

The requirement arises from a presidential decree signed by Vladimir Putin in December 2020 on the implementation of the law “On Digital Financial Investments”. If approved, the order will impact Bitcoin exchanges as the FSB will be able to send requests to these platforms, crypto news outlet Forklog noted in a Test report.

Putin's order from last year forced Government employees in Russia to disclose their cryptocurrency holdings. They were required to provide information about where they purchased the digital assets and their value. According to the document dated November 10, 2020, children and spouses of government employees must also disclose their digital currency funds.

In August this year, the Russian President commissioned several ministries and the Central Bank to verify the information provided by government officials about their crypto assets. This order was issued as part of the country's 2021-2024 national anti-corruption plan, which was approved with another decree signed by the Russian leader and published earlier the same month.

Do you think the new FSB regulation will find public support in Russia? Share your thoughts on this topic in the comments below.

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