Russian Law Requires Election Candidates to Disclose Crypto Assets CryptoBlog

Russia’s parliament has passed a new law requiring people running for office to submit information about their digital assets. The legislation will amend a number of laws and will apply to presidential and parliamentary candidates as well as government officials.

Russian Politicians Will Declare Their Cryptocurrency Funds Before Election

Members of the State Duma, the lower house of the Russian parliament, have approved a law under which election participants will have to declare their crypto. It requires vying candidates to share data on their spending on acquiring digital financial assets and digital currency, the Moskovsky Komsomolets daily reported on Wednesday.

The new legislation will introduce various changes, including to the laws on the election of the President of the Russian Federation, Duma deputies, members of the Federation Council, the upper house of parliament, as well as those governing the formation of political parties and anti-corruption efforts.

The obligation to disclose financial information will apply not only to candidates, but also to their spouses and children. They must all declare each transaction related to the purchase of cryptocurrencies during the last three years, if the amount exceeds the total income of the family of the period of three years preceding the acquisition. They are also supposed to indicate the sources of the funds used for these transactions.

The new legislation will come into force ten days after its publication, the report notes. Its passage comes after lawmakers passed another law in February, allowing the Russian state to seek the seizure of funds obtained illegally from officials, including digital assets.

The legislative amendments follow President Vladimir Putin’s order last year to vet officials with crypto holdings. Several ministries and the Central Bank of Russia (CBR) have been tasked with verifying the information provided by government employees on their tax returns.

The federal government in Moscow has implemented a new plan to combat corruption among civil servants. In 2020, the Russian President signed an order requiring government employees and candidates for public office to declare crypto assets in their possession.

Amid growing financial sanctions related to the war in Ukraine, Russia has taken steps to regulate its crypto space. While the CBR proposed a blanket crypto ban in January, the dispute has changed the situation and recent statements in the Duma revealed Russia’s interest in using cryptocurrencies to restore its access to the global financial market. .

In February, the Ministry of Finance introduced a new “digital currency” bill that aims to legalize crypto operations in the country instead of imposing severe restrictions. Most other Russian institutions and regulators, including the federal government, now support the ministry’s approach, which favors regulation under strict supervision.

Keywords in this story

Candidates, Corruption, Crypto, Crypto Assets, Crypto Holdings, Cryptocurrencies, Cryptocurrency, MPs, Disclosure, Elections, Law, Legislators, Legislation, Duty, Officials, Russia, Russian, Seizure

Do you expect many political candidates in Russia to disclose their cryptocurrency holdings? Tell us in the comments section below.

Lubomir Tassev

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

Image credits: Shutterstock, Pixabay, Wiki Commons

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