Cryptocurrencies in Russia Will Be Regulated as Property

Published on 18 May. 2018
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AleksandrKonovalov, the acting Minister of Justice of Russia, stated that cryptocurrencies cannot be considered as digital money and therefore fall under the legal concept “Other property.” Ria Novosti reports the news.

Earlier, the legal circles discussed the question whether cryptocurrencies could be legally defined as the property according to the Russian legislation. If not, then the cryptocurrency fraud, for instance, cannot be interpreted as a crime - there’s no object of crime.

Cryptocurrencies cannot be considered as the non-cash means or digital money. They unequivocally fall under the definition “other property.” The period is not put yet, in case of further development, we will need additional regulation. The most important thing is to ensure security not to provide the conditions for the new financial pyramids,

 - Konovalov said.

Besides, the RF legislators develop the notion of “digital money” and “digital rights” instead of “cryptocurrencies” and “tokens.”

The prime minister of Russia Dmitrii Medvedev said:

We have to fix the fundamental notions in the civil legislation, translate them into the legal language. So, instead of “cryptocurrencies” and “tokens” legislators work on more legal notions of “digital money” and “digital rights.”

According to his words, the new regulation in this sphere will help to assure the judicial protection from the misuse during the arguments and prevent the asset withdrawal.

Recently, we reported that the Committee on Constitutional Legislation and State Building supported the law project that aims at creating the basis for the regulation in the sphere of digital economics. The law project suggests making amendments to the Civil Code that concern several fundamental notions. It will allow the control of the market of new objects of the economic relations and ensure the legal conditions for creation and fulfillment of agreements in the digital environment.

Earlier, another law project, “On digital financial assets,” was changed for the second reading. The amendments to this law offer to create the database of cryptocurrency investors.

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