President Vladimir Putin approved amends to his decree that requires Russian citizens to declare any property they have abroad. The new regulation includes cryptocurrencies as assets candidates must report to the state.
Russian President Putin Demands that Foreign Officials Reveal Crypto Asset Purchases
Candidates for Russian government offices are expected to disclose details about crypto funds that they have obtained in other jurisdictions to authorities. Vladimir Putin signed a decree that adds to the earlier presidential decree regarding the verification of foreign officials’ statements about property and property-related liabilities.
These amendments, which came into effect immediately after the new was signed on May 9, affect not only those who are running for elections at the federal or regional level, but also their closest relatives. Their families will now have to account for all crypto investments.
These new provisions cover any expenditure for the purchase or transfer of digital financial assets. This includes cryptocurrencies as defined by current Russian law and digital currency. This definition will be included in a new that has been drafted by Ministry of Finance.
All information submitted will be verified by the Russian authorities. They will require documentation indicating the purchase price of crypto assets to verify the information. The details of each transaction will be shared with the affected Russian citizens and their families, as well as the date and any other identifiers.
Moscow officials have been trying to regulate the country’s crypto-space as many areas were not covered by the law “On Digital Financial Assets”, which was enacted in January 2021. These include the legal status and activities related to bitcoin trading and mining.
The Russian parliament passed a bill in March that required candidates for office to disclose information about Russian digital assets. This legislation amends several acts and applies to presidential and parliamentary candidates, as well as government officials. It was signed by Putin in April.
The most recent presidential decree targets candidates for elections for state or municipal authorities. According to an announcement by Russia’s portal of legal information, it also applies to representatives of political parties that have been nominated at the highest levels in any constituent entity of the Russian Federation.
