The State Duma, a branch of the Russian national parliament, earlier on Monday passed the primary reading of a draft bill that needs candidates for political office to report crypto assets they own.
Additionally, the candidates need to report spending on cryptocurrencies or any other virtual assets over the past 3 years, and therefore the source of these funds if the quantity spent is over what they and their spouses earned during that period. That information will also be got to be included in their regular anti-corruption reports after they get elected if they do.
The document has two more hearings before it becomes law. Consistent with the text outlined on the parliament’s website, the legislation will apply to individuals running for spots in municipal councils and within the national parliament as well as presidential candidates.
The bill follows a slew of initiatives aimed toward civil servants owning digital assets. Earlier in December, Putin signed an executive order requiring current and prospective govt. officials to report if they own crypto assets, digital securities, and utility tokens. Also in January, the Ministry of Labor notified officials of federal and native government bodies that they were prohibited from owning cryptocurrency and must have disposed of any holdings prior to 1st April.
There is also a draft bill on the taxation of virtual assets, which passed its first hearing within the parliament earlier in February. Thereunder legislation taxpayers would be required to report receiving crypto worth over 600,000 rubles ($8,136) per annum.