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Russia: Citizens vying for office must declare crypto assets held abroad.

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Russian citizens wanting to run for office have to declare their property abroad, including cryptocurrencies, as per a new decree signed by President Vladimir Putin. It adds the requirement to an earlier presidential decree on the verification of filed statements on the property and property-related liabilities of Russian officials abroad.

The new decree came into force on May 9. It concerns those running for the office at the federal and regional levels. The new legislature also applies to the officials’ close relatives. Their families also have to account for all their crypto investments. Sources revealed that the new provisions focus on the purchase of digital financial assets.

Russian authorities have to verify the submitted information. As such, they will ask for documents to determine the value of the purchased crypto asset. The Russian citizens running for office, and their close relatives, have to share the details, including the date, of each transaction. The Russian Central Bank and the government have been working to comprehensively regulate Russia’s crypto space as many aspects remained outside the scope of the law – “On Digital Financial Assets”. This has been in effect since January 2021. The law includes the legal status of cryptocurrencies, such as Bitcoin, and related activities such as mining and trading.

The Russian parliament adopted a bill in March. It obliged persons running for office to present information about their digital asset holdings in Russia. The law amends various acts and concerns presidential and parliamentary candidates, and other government officials. The new decree covers representatives of political parties who have been nominated for the highest posts in any of Russia’s constituent entities.

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