Russian Court Holds That Cryptocurrency Constitutes Property
View Debevoise Update
Key takeaways:
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On May 15, 2018, the Ninth Arbitrazh (Commercial) Appellate Court (the “9AAC”) rejected an Arbitrazh (Commercial) Court of Moscow decision that refused to treat cryptocurrency as property in the bankruptcy estate of an individual.
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The 9AAC held that cryptocurrency shall be treated as “other property” within the meaning of the Russian Civil Code and ordered the debtor to transfer the cryptowallet’s password to the bankruptcy administrator.
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The decision of the 9AAC described in our Debevoise Update is a significant development for the Russian cryptocurrency industry.