Candidates for government posts in Russia are now asked to give authorities information about crypto funds they have acquired in foreign countries. A new directive issued 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 amendments, which went into effect immediately after the new order was signed on May 9, affect not only those who run in federal and regional elections, but also their close relatives. Their relatives will now have to account for all of their cryptocurrency assets.
The new provisions apply to any investment for the acquisition of digital financial assets, a phrase that includes cryptocurrencies and digital money under existing Russian legislation. The latter concept will be included in new legislation proposed by the Ministry of Finance.
The submitted information will be verified by the relevant Russian authorities. To do so, they will require documentation indicating the value of the crypto assets acquired. Affected Russian individuals and their relatives will also have to provide the specifics of each transaction, such as the date and other identifiers.
Moscow officials have been working to completely regulate the country’s crypto sector since many parts remained outside the scope of the law “On Digital Financial Assets,” which went into effect in January 2021. These include the legal status of cryptocurrencies such as bitcoin, as well as associated activities like trading and mining.
