Russia’s State Duma obliged election candidates to provide information on cryptocurrencies purchase

What’s new? The State Duma has passed a law requiring all election candidates to provide detailed information about the purchase of cryptocurrencies over 3 years. The document amends the laws on the election of the President of the Russian Federation, the State Duma deputies, the procedure for forming the Federation Council, and combating corruption. The new rules will come into force 10 days after their official publication, RIA Novosti reports.

RIA Novosti’s material

Details of the new law. In addition to information on cryptocurrency, the document obliges all candidates participating in elections to provide information on such expenses by their immediate family members. Also, if there are digital assets, the candidate should provide information about the sources of funds for this transaction.

Earlier, Russian banks started tracking the withdrawal of capital abroad using cryptocurrencies. Financial enterprises should pay attention to suspicious dealings and transactions. The government of the Russian Federation has also proposed to legalize mining.