Russia: Supreme Arbitration Court Judge Urges for Inclusion of Crypto in Civil L

[Goodcat49]

A judge at Russia’s Supreme Arbitration Court has argued that the term digital assets should be included in the Russian Civil Law, local state-backed media agency Federal Press reports on June 4.

Lyudmila Novoselova, chairman at the Court for Intellectual Rights of Russian Federation and a judge at the Supreme Arbitration Court, has introduced the institution’s plans for the development of legislation for digital rights. The official delivered her testimony at the first retreat of the presidential council in Ekaterinburg devoted to civil law

Novoselova expressed confidence that the Russian Civil Code should include the notion of digital money, pointing out that there is no understanding of the basic aspects of the industry. The judge elaborated that objects associated with the digital assets field require regulation, since the tax system and overall legality of associated operations remain vague.

The official has also declared that Russian lawmakers should follow the logic of regulatory risk management in implementing legislation instead of prohibition in regard to the digital assets industry. Specifically, Novoselova touched on the question of the amendments relating to alternative methods of attracting investment such as crowdfunding.

In March, Russia’s parliament, the State Duma, adopted amendments to the Civil Code of the Russian Federation on digital rights, which provides a regulatory basis for the digital economy.

https://cointelegraph.com/news/russia-supreme-arbitration-court-judge-urges-for-inclusion-of-crypto-in-civil-law

[Alcor]

This is still a logical and reasonable opinion of one judge. However, in general, the majority of deputies of the State Duma of Russia are not so friendly to the circulation of cryptocurrency in Russia and, most importantly, the right of citizens to freely use and manage cryptocurrency. So far, I am rather pessimistic about the possibility of free circulation of cryptocurrency on the territory of this state, considering what kind of bill is being considered there. The last time they promised to accept a zokon about cryptocurrency by the end of May. However, since Medvedev said that the cryptocurrency is not relevant now, it is unlikely that we will be able to see such a law in the near future, all the more so that it is good for citizens.