Russian lawmakers have adopted a new law that requires all candidates to office to provide information regarding their digital asset holdings. This legislation amends a variety of laws and applies to both presidential and parliamentary candidate as well as officials in government.
Russian Politicians Will Declare Cryptocurrency Assets before Elections
The State Duma is the Russian lower house and has approved legislation that requires all participants to elections to disclose their crypto. The Moskovsky Komolets daily reported Wednesday that it required running candidates to disclose data regarding their expenditure on the purchase of digital financial assets.
There will be many changes in the new legislation, including the law on the election the President of Russia Federation, the Duma deputies, members of Federation Council and the top house of Parliament, along with those that govern the formation of political parties, corruption efforts, and others.
Candidates, as well as their spouses and children, will have to share financial information. If the transaction involves the purchase of cryptocurrency, they must all declare it. You will also need to identify the source of funds for these transactions.
According to the report, the new legislation will be in effect ten days following its publication. This legislation is adopted following the passage of another bill in February that allowed Russia to seize illegally acquired funds, digital assets, and other property from government officials.
The legislative amendments follow last year’s order by President Vladimir Putin to check officials with crypto holdings. Multiple ministries as well the Central Bank of Russia were asked to check the income statements of government workers.
Moscow’s federal government is implementing a new strategy to counter corruption. A decree was signed by the Russian president in 2020 requiring all government employees and potential candidates to public office to disclose crypto assets.
Russia is taking measures to control its cryptocurrency space amid mounting financial sanctions due to the conflict in Ukraine. While the CBR proposed a blanket crypto ban in January, the conflict has changed the situation and recent statements in the Duma have revealed Russia’s interest in using cryptocurrencies to restore its access to the global financial market.
In February, the Ministry of Finance submitted a new draft law “On Digital Currency” which aims to legalize crypto operations in the country instead of imposing severe restrictions. Most other Russian institutions and regulators, including the federal government, now back the department’s approach which favors regulation under strict oversight.
Are you expecting many Russian politicians to reveal cryptocurrency holdings. Leave a comment below.
Credit for the imageShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.