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The bill also has to go through two readings in the Duma before it can be sent to the Federation Council.
In its first reading, Russia’s State Duma approved a new draught bill requiring election candidates to report their crypto deposits, expenditures, and acquisitions.
The draught bill also asks election candidates to specify their source of revenue for cryptocurrency transactions, and it includes crypto statements not just from the candidates themselves, but also from their spouses and minor children for the previous three years.
The draught bill, which will be introduced in March 2021, contains a number of changes to current Russian legislation, such as those on presidential and State Duma deputy elections, voting rights safeguards, and the country’s major cryptocurrency bill, “On Digital Financial Assets,” which was formally adopted in January this year. The draught bill’s next step will be the review of proposed changes in mid-June.
Elections for the State Duma are scheduled for September 2021, with the pro-Kremlin ruling party, United Russia, expecting to take over two-thirds of the Duma’s 450 seats.
The Duma is apparently concerned about the crypto activity of new deputies as the Russian opposition is widely known for accepting Bitcoin (BTC). Russia’s “Anti-Corruption Foundation” — founded by jailed Kremlin critic Alexei Navalny and now declared an extremist organization — had accepted Bitcoin donations since 2016.
Earlier this year, the Russian government imposed crypto reporting conditions on elected officials, even requiring others to sell their crypto.