A new bill obliging candidates standing for election in Russia to declare their digital media spending Assets hit the floor of the State Duma. According to the draft, Russian politicians will have to disclose details of every crypto purchase they and their families make if the total exceeds a certain amount.
Candidates providing details about their cryptocurrency deals
The Russian State Duma, the lower house of parliament, passed a draft law in first reading that includes disclosure of cryptocurrency purchases in Russian electoral legislation. Candidates applying for government positions are required to disclose the amounts they have invested in acquiring digital financial assets. This term includes digital currencies.
The bill proposed by the government contains the necessary changes after the passing of the law “On digital financial assets and digital currencies”, reported the business news agency Prime. It will require voters to share information about their crypto-related expenses, including those of their spouses and children.
The rule applies when the total amount of these investments exceeds the total income of a candidate and his household over the past three years. At the same time, Russian politicians are required to provide information showing the source or sources of funds used to finance such transactions.
Draft law to update the laws governing the election of the Russian President and the members of the State Duma
The new law changes two important federal laws – the Law on the Election of the President of the Russian Federation and the Law on the Election of Deputies of the State Duma.
The changes also affect laws defining the basic voting rights of citizens of the Russian Federation, including the right to participate in referendums and a number of other legislative acts. The updated provisions will take effect for the first election, which will take place after the bill has been adopted.
In December, Russian President Vladimir Putin signed an order forcing government officials to disclose their cryptocurrency holdings. According to the document, state administration employees are now due to provide detailed information on where they bought digital assets and report their value by the end of June this year.
How do you assess the proposed changes that would require election candidates in Russia to disclose details of their crypto investments? Share your thoughts in the comments below.
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