President of Russia Vladimir Putin has signed a law obliging election candidates to disclose information about their expenditures when acquiring digital financial assets (DFAs) and digital currency. The document published on the official portal of legal information.
The new law obliges candidates participating in elections, as well as their family members, to report expenditures for each acquisition of DFAs and digital currency over the past three years if the amount exceeds the combined income of the candidate and his spouse over the three years preceding the transaction.
Election participants are also required to disclose the sources of funds for such transactions.
The law takes effect ten days after its official publication.
In late November 2020, the Russian government submitted to the State Duma a bill on declaration of cryptocurrency transactions. Additional, as yet unapproved, amendments envisage administrative and criminal liability for violations of the reporting regime.
In December of the same year, Putin signed a decree obliging officials and candidates for relevant positions to provide information on the digital financial assets they hold.
On 17 March 2022, a law came into force in Russia allowing the state, through the courts, to seize digital assets from officials and money from bank accounts if the amount of proceeds exceeds the official income over the past three years and the legality of the funds has not been established.