Candidates in Russia must report cryptocurrency holdings abroad

Russian President Vladimir Putin has added data on cryptocurrencies and tokens to the list of information about candidates’ overseas assets that must be checked. The decree published on the official portal of legal information.

Officials must now report all family expenditures on purchasing digital financial assets (DFA) and digital currency. These data will undergo verification.

In the event of purchasing DFA, the candidate must provide, together with the filing, “details of the entry in the issuer’s information system” for that token.

For cryptocurrency transactions, the report must include “information on the transaction’s identification number and date.”

Each digital asset transaction must be supported by documents showing the purchase amount, where available, or contain information about the other party to the transaction.

The decree takes effect on the day it is signed, May 9.

Earlier in April, Putin signed a law requiring election candidates to disclose information about expenses when acquiring cryptocurrencies and tokens on Russian territory.

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