Media: Russian presidential and parliamentary candidates to be obliged to disclose cryptocurrency deals

The government bill-drafting commission has reviewed the Ministry of Labour’s draft on mandatory disclosure of deals with digital financial assets (DFAs) and digital currencies by candidates for elective offices. This was reported by Vedomosti, citing sources familiar with the situation.

In the Ministry of Labour they propose to obligate candidates to provide to election commissions, when submitting documents, information on deals with cryptocurrencies or DFAs in the last three years, if the amount of the deal exceeds the total income of the candidate and their spouse for this period.

In the explanatory note to the document, it says that the bill is aimed at preserving a uniform legal nature of income declarations.

Since 2021 officials must report on the possession of digital assets. This is explained by their legally enshrined status under the law the Law on Digital Financial Assets, under which they are recognised as property.

In the event that the Ministry of Labour’s proposed bill is adopted, the same would apply to \”those who seek a political career,\” said Vladimir Gruzdev, chairman of the board of the Association of Lawyers of Russia.

He stressed, that in fact this concerns declaring deals with digital currencies as candidates for deputies and governors, as well as presidential candidates.

In December, Russian President Vladimir Putin signed an order that obliges officials and applicants for relevant posts to provide information on their digital financial assets.

— explained ForkLog, senior tax-law attorney at Bryan Cave Leighton Paisner (Russia) LLP, and Moscow Digital School lecturer Dmitry Kirillov.

On February 17, the State Duma in the first reading backed in principle the bill on taxing cryptocurrency transactions.

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