Law on mandatory declaration of cryptocurrencies by candidates for elected office approved in the first reading

20.05.2021 |

Candidates for elective positions in the Russian Federation will be required to include in their declarations information on expenses for the purchase of digital assets and digital currencies. The corresponding bill was adopted in the State Duma in the first reading.

The declaration will have to include all transactions for the purchase of cryptocurrency assets over the past three years. In cases where the amount of transactions exceeds the total income, the candidate for elective office will have to explain the source of income. Close relatives also fall under the report: spouses and minor children.

Earlier in Russia, only civil servants and their substitutes, as well as officials were required to report on cryptocurrencies in their possession. The decree was issued by President Vladimir Putin on December 10, 2020. Thus, an increasingly clear and transparent legislative field in the field of cryptocurrency assets and activities related to the digital currency industry is being created in the Russian Federation.