Russian State Duma Adopts Bill on Digital Rights in Third Reading
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Key takeaways:
- On March 12, 2019, the Russian State Duma adopted, in the third reading, the bill amending the Russian Civil Code to define the civil law status of certain cryptoassets and provide clarity in respect of the legal force of smart contracts (the “Bill”).
- From a civil law perspective, the revised version of the Bill, compared to the version adopted in the first reading in May 2018, appears to be more detailed, but the authors of the Bill have decided not to set out the legal status of cryptocurrency in the Russian Civil Code.
- The Bill indicates that the proposed amendments will come into force on October 1, 2019.