Amendments to the Russian Civil Code: Blockchain Tokens, Cryptocurrencies and Smart Contracts

17 May 2018
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Key takeaways:
  • On March 26, 2018, a bill amending the Russian Civil Code to determine the civil law status of tokens and cryptocurrencies was submitted to the Russian State Duma.
  • The bill defines tokens and cryptocurrencies as “digital rights” and “digital money”, respectively.
  • The bill sets out provisions on transfer of rights to tokens and cryptocurrencies and execution of smart contracts. The bill thus addresses certain gaps in the draft law on digital financial assets prepared earlier this year.