Candidates for government positions in Russia are now expected to give information about crypto money they have acquired in foreign jurisdictions to authorities.
A recent directive signed by Vladimir Putin adds to a previous presidential decree the obligation for the verification of filed statements on property and property-related liabilities of Russian authorities overseas.
The modifications, which went into effect immediately after the new order was signed on May 9, affect not only people who run in federal and provincial elections, but also their close relatives.
Their relatives will now have to account for all of their cryptocurrency investments.
The new restrictions apply to any expenditure for the purchase of digital financial assets, a term that includes cryptocurrencies and digital currency under current Russian legislation.
The latter concept will be incorporated into new legislation proposed by the Ministry of Finance.
The supplied information will be verified by the relevant Russian authorities.
To do so, they will require documentation demonstrating the value of the crypto assets purchased.
Affected Russian citizens and their family will also have to provide the specifics of each transaction, such as the date and other identifiers.
Moscow officials have been striving to completely regulate the country’s crypto space because many parts remained outside the scope of the statute “On Digital Financial Assets,” which entered into effect in January 2021.
These include the legal status of cryptocurrencies such as bitcoin, as well as associated activities such as trading and mining.
In late March, the Russian parliament passed legislation requiring candidates for public office to disclose information about their digital asset holdings within Russia.
The bill modifies several acts and affects presidential and parliamentary candidates, as well as other government officials. In April, Putin signed it into law.
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