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Putin mandates that election candidates disclose cryptocurrency holdings outside of Russia

President Vladimir Putin has authorised revisions to his own decree requiring candidates for public office in Russia to disclose their foreign assets. The amended rule includes cryptocurrencies on the list of assets candidates are required to disclose to the state.

President Putin mandates that Russian officials disclose foreign purchases of crypto assets.

Candidates for government positions in Russia are now required to disclose their crypto holdings in other countries. A recent directive signed by Vladimir Putin adds a requirement to a previous presidential decree regarding the verification of property and property-related liabilities of Russian officials overseas.

The modifications, which went into effect immediately following the signing of the new decree on May 9th, affect not just federal and regional candidates but also their close relatives. In the future, their families will be required to account for all of their crypto investments.

The new laws refer to any expenditure for the purchase of digital financial assets, a term that includes cryptocurrencies and digital currency under current Russian legislation. A new statute enacting the latter concept will be written by the Ministry of Finance.

The relevant Russian authorities will verify the information given. To accomplish this, they will require proof of the worth of the purchased crypto assets. Additionally, affected Russian citizens and their family will be required to disclose the date and other identifiers associated with each transaction.

As of January 2021, when the law “On Digital Financial Assets” went into effect, many areas of the country’s crypto sector remained unaddressed. As such, Moscow officials have been striving to completely regulate the crypto space. Among these are the legal status of cryptocurrencies such as bitcoin and related activities like trading and mining.

Late in March, the Russian parliament passed a law requiring candidates for public office to disclose their digital asset holdings in Russia. The bill modifies a number of statutes and affects presidential and parliamentary candidates as well as other government officials. In April, Putin signed it into law.

The most recent presidential decree targets candidates for state and municipal elections. According to an announcement made by Russia’s legal information web, it also applies to representatives of political parties who have been nominated for the highest positions in any constituent entity of the Russian Federation.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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