Russian Politicians to Declare their Cryptocurrency Funds Before Contesting Elections

Share This Post

As per the new legislation brought into effect on March 23, the Russian Parliament has made it mandatory for politicians and participants to disclose information about their cryptocurrency funds before contesting elections. They must disclose their digital assets before running for the elections. The Russian Parliament’s lower house, State Duma, first approved this legislation. Therefore, it is now applicable to the presidential and parliamentary candidates, including the current post-holding government officials. This new legislation will come into effect days after its publication.

Amendments made by the legislation for declaring crypto assets

Other significant amendments made by the legislation for the declaration of their crypto assets include:

  • The participants running for an official position will have to share their expenditure and acquisition of their digital assets, including cryptocurrencies.
  • This new legislation will introduce these laws to the existing ones. This would include election to the offices of the President of the Russian Federation, the deputies in the Duma, Federation Council members, the upper house of the Parliament, as well as the political parties formed to combat corruption. 
  • The declaration of digital assets will also apply to the spouses and children of the eligible candidates. 
  • The contesting candidates must disclose every transaction made to acquire cryptocurrencies in the last three years. In case the crypto amount exceeds the family’s total income from the three years before the acquisition.
  • They must show the source of these funds used for crypto-based transactions. 

The Putin-led government laid the foundation of this legislation

In December 2020, the Russian President, Vladimir Putin, signed an order mandating for the country’s employees to disclose their cryptocurrency holdings. This order asked employees to submit their details of cryptocurrencies and digital assets and their current value. Moreover, Russia has been actively employed in regulating the legislation of cryptocurrencies amidst the ongoing war with Ukraine. 

Nitish Vaibhav
Nitish Vaibhav
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

Related Posts

10 Most Powerful Reversal Candlestick Patterns

Most traders utilize Japanese candlestick charts for market analysis...

What Is Tokenomics & Why Is It Important?

For cryptocurrency investors and stakeholders, tokenomics is a major...

How to Start Forex Trading? A Step-by-Step Guide For Beginners

Over the past few years, forex trading has significantly...

5 Best Stocks To Buy On The Dip Now

It has been a rough year for Wall Street,...

What is a Crypto Decentralized Exchange (DEX)? How Do These Exchanges Work?

Although crypto centralized exchanges (CEXs) have been dominating the...

6 Myths About Forex Trading You Should Know About

When something is as monumental as the forex market,...
Would love your thoughts, please comment.x