Putin Demands Election Candidates Report Crypto Holdings Outside Russia

A decree recently signed by Vladimir Putin now compels candidates for government offices in Russia are now expected to provide authorities with details about the crypto funds they have acquired in other jurisdictions.

The requirement is an amendment to an earlier presidential decree on the verification of filed statements on property and property-related liabilities of Russian officials abroad.

The amendments entered into force immediately after the signing of the new decree on May 9.

The amendments concern not only those who run in elections on the federal and regional level but also their close relatives. From now on, their families will have to account for all of their crypto investments as well.

The new provisions refer to any spending for the purchase of digital financial assets, a term encompassing cryptocurrencies under current Russian law, and digital currency.