Russian Wannabe Politicians to Provide Details About Their Cryptocurrency Holdings

Yerevan (CoinChapter.com) – Candidates filing nominations for elections in the Russian Federation will have to disclose their cryptocurrency holdings, a new bill speculates.

According to the new law proposed by the Russian Government, all candidates running for government positions should provide a detailed account of the cryptocurrency at their disposal. Additionally, their family members, including their children, must also declare their digital currency holdings.

Regulating Illegal Income

The State Duma (the lower house of the Federal Assembly of Russia) adopted a new bill to this effect in its first reading.

As per the procedure, the bill still has to go through two readings in the State Duma before proceeding to the Federation Council, aka the upper house. After getting approval from the upper house, the cryptocurrency bill will be sent to the President for his signature before becoming a law.

However, according to the tabled bill, this law, if passed, will apply only in cases where the amount invested in the digital currencies exceeds the candidate’s total income. Should the candidate’s total investment in cryptocurrency tokens exceed his or her income, the candidate must provide a detailed report explaining the source of the income spent on acquiring cryptocurrency tokens.

Two federal acts—the law on “electing deputies of the State Duma” and “the law on electing the Russian Federation president” will be amended to accommodate the new changes. Meanwhile, other laws related to voting rights will also face amendments under the new law.

On July 31, 2020, Vladimir Putin, President of the Russian Federation, had signed Federal Law No. 259-FZ on Digital Financial Assets and Digital Currencies. The law, which took effect in January 2021, defines cryptocurrency and regulates various digital financial assets (DFAs). Meanwhile, it will also face amendments under the new bill introduced in the State Duma.

No Serious Opposition to the Cryptocurrency Bill Expected

MOSCOW, RUSSIA - MARCH 11, 2020: A plenary meeting of the Russian State Duma, the lower house of the Russian Parliament, to consider constitutional changes in the third and final reading. Anton Novoderezhkin/TASS
MOSCOW, RUSSIA – MARCH 11, 2020: A plenary meeting of the Russian State Duma, the lower house of the Russian Parliament, to consider constitutional changes in the third and final reading. Anton Novoderezhkin/TASS

If adopted, the law will come into effect before the next State Duma elections due in September this year. The Russian Parliament expects to pass the cryptocurrency bill without any hassle. It is because the law originates directly from the Government. Vladimir Putin’s political brass, United Russia, enjoys a majority in both the State Duma and the Federal Council.

That ensures that the party members’ backing would see the cryptocurrency bill sailing through smoothly.

Therefore, the said law comes as a continuation of the Russian Government’s policy. It focuses heavily on regulating cryptocurrency tokens to prevent their use in online criminal activities.

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