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Election candidates must disclose their crypto holdings in Russia

Election candidates must disclose their crypto holdings in Russia

A new bill got introduced in Russia, which requires election candidates to declare their Crypto Holdings. However, the bill must still go through two readings in the Duma before going to the Federation Council. The Russian State Duma has approved a new draft bill in its first reading.


Source of Income


The draft bill also needs the election candidates to indicate the source of the income for cryptocurrency purchases. Moreover, it requires all the Crypto declarations from the actual candidates. In addition, their spouses and minor children should also indicate for the past three years.


Amendments

The Russian Government introduced a new bill in March 2021. Moreover, the bill included amendments to the existing Russian law like those on presidential and state Duma Deputy elections. In addition, the bill guarantees electoral rights.


On Digital Financial Assets

Government officially enacted the country’s major cryptocurrency bill, “On Digital Financial Assets,” in January this year. Moreover, the next step of the draft bill development would be the consideration of potential amendments in mid-June.


Elections are approaching

The elections for the state Duma are scheduled in September 2021, the pro-kremlin ruling party, United Russia, is expecting to take over two-thirds of the Duma’s 450 seats. However, Duma is concerned about the Crypto activity of new deputies as the Russian opposition is widely known for accepting Bitcoin.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.