A recent publication put out by Russian President Vladimir Putin makes amends to his decree requiring Russian candidates and officials to declare foreign crypto holdings.
The new Decree of the President of the Russian Federation gives Putin the power to verify and authenticate:
Property and Property-Related Liabilities Outside the Territory of the Russian Federation, on Expenses for Each Transaction acquisition of real estate, vehicles, securities and shares submitted by candidates in elections to state authorities. Elections of heads of municipal districts, heads of municipal districts and heads of urban districts, as well as political parties in connection with the submission of proposals to the President of the Russian Federation on candidacies for the position the highest official of a constituent entity of the Russian Federation.
Crypto assets are also included among the assets that the election candidates should report to the state.
Russian candidates required to reveal foreign crypto purchases
Candidates for government positions in Russia are now required to provide information regarding cryptocurrency funds they have obtained in other jurisdictions.
The obligation was added to a previous presidential order on verifying submitted statements on the property and property-related liabilities of Russian officials overseas by a decree recently approved by Vladimir Putin.
The new decree, which was signed on May 9, came into effect immediately and will only apply to candidates who are running for the elections and also their close relatives. The decree will now require even the families to disclose their crypto investments.
The new amendments will also include the expenditure for purchasing digital assets. The relevant Russian authorities will verify the supplied information. To do so, they’ll need proof of the worth of the crypto assets they’ve acquired. Affected Russian citizens and their families would also be required to submit transaction data, such as the date and other identifiers.