In Russia, election participants will be forced to declare crypto assets

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The State Duma adopted a law obliging candidates for public office and members of their families to publish information about crypto assets acquired over three years.

Before the document enters into force, it must be approved by the Federation Council, signed by the president, and ten days after official publication.

Candidates participating in the elections will be required to declare information about their expenses on transactions with digital financial assets, expenses of their spouse (spouse) and minor children. We are talking only about transactions, the total amount of which exceeds the official income of the candidate and his spouse (wife) for three reporting years. Information about the sources of funds involved in the transaction must also be provided.

The law is being adopted against the backdrop of the continuing desire of the Bank of Russia to ban the circulation of cryptocurrencies in the country. Even the proposal of the Ministry of Finance to limit the amount of investments in crypto assets to 50,000 rubles did not have an impact on the Central Bank. President Vladimir Putin called on the pro-Bank of Russia and pro-regulation government officials to reach an agreement. In the country, against the backdrop of sanctions pressure and accelerating inflation, the interest of citizens in bitcoin and stablecoins is growing.

Source: Bits

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