Digital Assets Should Be Included in Russia’s Civil Law, Judge Says

The term “digital assets” should be included in the Russian Civil Law, a judge at Russia’s Supreme Arbitration Court has said on Tuesday, according to state-run news agency Federal Press.

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.

Meanwhile, it was recently reported that Russia has delayed the adoption of crypto legislation due to a requirement from the Financial Action Task Force on Money Laundering to use specific crypto terminology.