Putin Obliges Election Candidates to Report Crypto Holdings Outside Russia – Regulation Bitcoin News

Vladimir Putin approves amendments to the decree which requires Russian citizens who are running for office, to declare property overseas. New regulations list cryptocurrencies among those assets which candidates need to report to state.

Russian officials are required by President Putin to disclose foreign crypto asset purchases

Aspirants to Russian public office must now provide details on crypto-funds they’ve acquired elsewhere. Vladimir Putin signed a decree that adds to the earlier Presidential decree regarding the verification of foreign officials’ statements about property or property-related liabilities.

Not only do the amendments apply to those who are running in election at the national and regional levels, but they also affect their families. Their families will now have to be accountable for their entire crypto investment.

These new provisions cover any expenditure for digital financial assets. This includes cryptocurrencies as per current Russian law and digital currency. This definition will be included in a new law that has been drafted by Ministry of Finance.

Russian authorities will review the information. They will require documentation proving the purchase price of crypto assets. The details of every transaction will be shared with the affected Russian citizens as well as their families, along with the date and any other identifiers.

Officials in Moscow have been working to comprehensively regulate the country’s crypto space as many aspects remained outside the scope of the law “On Digital Financial Assets” which went into force in January, 2021. They include the legal status and activities related to bitcoin trading and mining.

Late March saw the Russian parliament adopt a bill that obliged candidates to office to provide information regarding their Russian digital asset holdings. This legislation modifies various laws and applies to both presidential and parliamentary candidate as well as government officials. It was signed by Putin in April.

Candidates for election to municipal and state authorities are the latest targets of the presidential decree. It also covers representatives of political parties who have been nominated for the highest posts in any of the constituent entities of the Russian Federation, according to an announcement published by Russia’s portal for legal information.

What do you think about Putin’s decision to oblige election candidates in Russia to disclose their crypto purchases abroad? Leave a comment below.

Lubomir Tassav

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.