Russian officials now required to declare cryptocurrency holdings acquired outside Russia.
President Vladimir Putin has approved amendments to his own decree requiring Russian citizens running for office to declare their property abroad. The updated regulation lists cryptocurrencies among the assets that candidates should report to the state.Candidates for government offices in Russia are now expected to provide authorities with details about the crypto funds they have acquired in other jurisdictions.
The new provisions refer to any spending for the purchase of digital financial assets, a term encompassing cryptocurrencies under current Russian law, and digital currency. The latter definition will be introduced with aThe respective Russian authorities will verify the submitted information. To do that, they will demand documents indicating the value of the purchased crypto assets.
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. These include the legal status of cryptocurrencies like bitcoin and related activities such as trading and mining.a bill obliging persons running for office to present information about their digital asset holdings inside Russia.
The latest presidential decree targets candidates in elections for state and municipal authorities. 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.
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