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 …
The Russian Supreme Court has included the illicit use of cryptocurrencies in the list of criminal offences related to money laundering, local legal news site Pravo reported on Tuesday, Feb. 26. The court has introduced new amendments to the anti-money laundering (AML) decree issued in July 2015. These clarifications relate to Russian criminal code articles dedicated to the legalization of property acquired via criminal means. According to Alexander Chervotkin, a judge who commented on the regulations, in the three years since the decree was signed, cryptocurrencies have became widely used by criminals. To prove that, the judge cited several cases …
In a hearing on Feb. 26, the Moscow Arbitration Court ruled that cryptocurrency funds of a bankrupt debtor cannot be seized as payment to creditors, local media group RBC reports. The court considered an application filed by finance manager Aleksey Leonov, who requested permission to recover funds from a debtor, Ilya Tsarkov, by seizing Tsarkov’s crypto assets. According to RBC, Leonov requested that the court require Tsarkov to provide the password for his cryptocurrency wallet on the website Blockchain.info. The court reviewed documents that proved Tsarkov was in possession of a crypto wallet with Bitcoins, but refused to grant Leonov’s …
Chairman of the Russian State Duma Committee on Financial Market Anatoly Aksakov has said that Facebook’s forthcoming cryptocurrency Libra will not be legalized in Russia, local news outlet TASS reported on June 18. Aksakov stated that Russia will not legalize the use of Facebook’s Libra cryptocurrency which the company intends to roll out in 2020, because it may pose a threat to the financial system of the country. Aksakov also stressed that Russia has no plans to adopt legislation “which provides space for the active use of crypto tools created in the framework of open platforms, blockchains.” Aksakov’s statements would …
Several large Russian banks have expressed their strong interest in working with the industry of cryptocurrency and blockchain during a closed-door meeting held at the Moscow Exchange, sources told Russian news site RBC September 19. As an unnamed source familiar with the matter told RBC, the demand for cryptocurrencies in Russia is very high, but the banks are not able to meet it due to the lack of clearly defined regulations. Because of that, the representatives of the Russian banks present at the meeting have talked to regulators from Japan, Luxembourg and Singapore to adapt their experience to local realities. …