Russian parliament adopts a law requiring election candidates to disclose their crypto holdings.
The legislation will amend a number of acts and apply to presidential and parliamentary candidates as well as government officials.Members of the State Duma, the lower house of Russian parliament, have approved a law under which participants in elections will have to declare their crypto. It requires running candidates to share data about their spending on the acquisition of digital financial assets and digital currency, the Moskovsky Komsomolets daily reported on Wednesday.
The obligation to disclose the financial information will apply not only to the candidates but also their spouses and children. They all must declare each transaction related to the purchase of cryptocurrencies over the past three years, if the amount exceeds the total income of the family from the three-year period prior to the acquisition. They are also expected to indicate the sources of the funds used for such transactions.
The legislative amendments follow last year’s order by President Vladimir Putin to check officials with crypto holdings. Several ministries and the Central Bank of Russia were tasked to verify the information provided by government employees on their income declarations.
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