Russia’s president signed the law on the disclosure of crypto assets of election candidates

The law will come into force 10 days after its publication

01.04.2022 - 15:30

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What’s new? Russian President Vladimir Putin has signed a law according to which all election candidates are required to report on transactions involving the purchase of cryptocurrencies. The State Duma passed the document on March 23 and it was approved by the Federation Council on the same day. .

Federal law

What is required of candidates? The amendments changed the electoral legislation. The candidates have now to provide information not only on their spending on the purchase of digital assets but also on their spouses’ and minor children’s spending on cryptocurrencies. The law states that candidates for elected office are required to account for each cryptocurrency transaction over the past three years if the amount of the transaction exceeds the total income of the candidate and their spouse from the three years preceding the purchase. In addition, candidates have to provide details of the sources of the funds for cryptocurrency purchases.

What had happened before? In February, the Ministry of Finance of the Russian Federation announced the beginning of public discussions on the regulation of cryptocurrencies. The Ministry of Finance has also started drafting two bills: “On Digital Currency” and “On Amending Certain Laws of the Russian Federation in connection with the adoption of the Federal Law “On Digital Currency.”

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