Putin Asks Election Candidates To Report Crypto Holdings Outside Russia – Regulated Bitcoin News

President Vladimir Putin has approved an amendment to his own decree requiring Russian citizens to declare their assets abroad when running for office. The updated regulations list cryptocurrencies in assets that candidates should report to the state.

President Putin Asks Russian Officials to Disclose Crypto Assets Purchased in Foreign Countries

Now, candidates for Russian government offices are expected to provide authorities with details about crypto funds they have acquired in other jurisdictions. A recent decree signed by Vladimir Putin added to an earlier presidential decree a requirement to verify Russian officials’ declarations of property and property-related responsibilities abroad.

Amendments take effect immediately upon signature new law On May 9, focus not only on those campaigning at the federal and district levels, but also on their next of kin. From now on, their families must also be responsible for all their crypto investments.

The new regulations cover any spending on the purchase of digital financial assets, a term that includes cryptocurrencies and digital currencies under current Russian law.The latter definition will introduce new law Drafted by the Ministry of Finance.

The relevant Russian authorities will verify the submitted information. To do this, they will ask for documents indicating the value of the crypto assets purchased. Affected Russian citizens and their relatives must also share details of each transaction, including dates and other identifiers.

Officials in Moscow have been working to fully regulate the country’s crypto space, as many aspects remain outside the scope of the “digital financial assets” law that goes into effect in January 2021. These include the legal status of cryptocurrencies such as Bitcoin and related activities such as trading and mining.

In late March, the Russian Parliament use A bill requiring candidates running for office to provide information about their digital assets held in Russia. The legislation modifies various bills and involves presidential and parliamentary candidates as well as other government officials. Putin signed it into law in April.

The latest presidential decree targets candidates for state and municipal elections. It also covers representatives of political parties nominated for top positions in any constituent entity of the Russian Federation, according to a notice published by the Russian Legal Information Portal.

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What do you think of Putin’s decision to force Russia’s election candidates to disclose cryptocurrency purchases abroad? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

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