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Russia: Supreme Arbitration Court Judge Urges for Inclusion of Crypto at Civil Law

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A judge in Russia’s Supreme Arbitration Court has contended that the term electronic resources must be contained at the Russian Civil Law, neighborhood state-backed media bureau Federal Press reports on June 4.

Lyudmila Novoselova, chairman in the Court for Intellectual Rights of Russian Federation and also a judge in the Supreme Arbitration Court, has introduced the institution’s strategies for its development of legislation for electronic rights. The officer delivered her testimony in the first retreat of this presidential council at Ekaterinburg dedicated to law.

Novoselova expressed optimism the Russian Civil Code should incorporate the idea of electronic currency, pointing out that there’s not any comprehension of the fundamental facets of the business. The estimate elaborated that items connected with the electronic assets area demand regulation, because the taxation system and total legality of related operations remain obscure.

The official has also announced that Russian lawmakers must stick to the logic of regulatory risk management in executing legislation rather than prohibition in respect to the electronic assets sector. Especially, Novoselova touched the question of these changes regarding other ways of bringing investment like crowdfunding.

During March, Russia’s parliament, the State Duma, adopted amendments to the Civil Code of the Russian Federation on electronic rights, which delivers a regulatory foundation for the electronic market.

Meanwhile, the Cointelegraph has just noted that Russia has delayed the adoption of crypto laws because of a requirement from the Financial Action Task Force on Money Laundering to utilize specific crypto language.

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