President Putin obliges Russian officials to reveal crypto asset purchases in foreign countries

The Russian government on May 9 enacted new amendments to the earlier presidential regulation on the verification of filed statements on property and property-related liabilities of Russian officials abroad. The new amendment mandates the candidates contesting for government offices to reveal to the authorities details about the crypto funds they have acquired in other jurisdictions. It would include family and close relatives of those contesting elections on the federal and regional level. They will also have to declare their crypto investments and assets from now onwards.

The newly amended regulation obliges Russian officials to report their cryptocurrency assets among others to the state. The regulation includes the following investments and assets in its ambit and course of action :
- This would cover any kind of spending for the purchase of digital financial assets.
+ The updated Russian law ‘On Digital currencies’ uses the term digital financial assets to refer to all the cryptocurrencies and crypto assets.
- The new presidential decree will cover candidates contesting for seats in state and municipal authorities including representatives of political parties who have been nominated for the highest posts in any of the constituent entities of the Russian Federation, bitcoin.com cited information published by Russian portal.
-The information submitted by the people will be verified by the respective Russian authorities.
- The information provided by the Russian officials will also include the value of the purchased crypto assets.
- Besides, the people running for government offices and their relatives to share the details of each transaction, including the date and other identifiers.

In March 2022, the members of the State Duma, the lower house of Russian parliament approved a law under which participants in elections will have to compulsorily declare their crypto. It was reported then that this law will amend a number of pre-existing acts and apply to presidential and parliamentary candidates as well as government officials. Russia also enforced the legislation ‘On Digital Financial Assets’ for comprehensive regulation of the cryptocurrency market and activities ‘in January 2021.

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