Russian politicians to declare their cryptocurrency funds before elections

The Russian parliament brought in a new legislation on March 23 that would oblige politicians or participants contesting elections to disclose information about their cryptocurrency funds, Bitcoin.com reported. Russian politicians will have to disclose their digital assets holdings before the elections. The legislation was approved by the lower house of the Russian parliament, the State Duma. The legislation would be applicable to the presidential and parliamentary candidates as well as government officials. The new legislation will come into effect 10 days after its publication..
Other important amendments made by the legislation regarding declaring crypto assets are the following:
* The persons running for office will have to share data about their expenditure on acquisition of digital financial assets including cryptocurrencies.
* The new legislation will also introduce amendments to the existing laws on election of these offices :
– President of the Russian Federation, the deputies in the Duma, the members of the Federation Council, the upper house of parliament, as well as those governing the formation of political parties and the efforts to combat corruption.
* Furthermore, the law of declaring digital asset information will also be applicable to the spouses and children of the election candidates.
* All of them have to reveal each and every transaction pertaining to the purchase of cryptocurrencies over the last 3 years, in cases where the crypto amount exceeds the total income of the family from the three-year period prior to the acquisition.
– They are also expected to indicate the sources of the funds used for such transactions.
The Russian government has been working in this direction since 2020. In December 2020, Russian President Vladimir Putin had signed an order that mandated the country’s government employees to disclose their cryptocurrency holdings. The order then also instructed that employees must submit details of where they bought the…

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