The changes to Russia’s civil codex passed their third and final Duma reading on Tuesday. The law reportedly establishes the concept of “digital rights” in Russian legislation with the addition of a new article, 141.1, of the Civil Code of the Russian Federation.
The press release quotes the Chairman of the State Duma, Vyacheslav Volodin, as stating that the digital rights law “forms the basis for the development of the digital economy. This is a new area for our rights, thus it is important for us to consolidate the basic concepts.”
Commenting on how the legal landscape will look in Russia after October, Aleksandr Zhuravlev, a senior partner at a Moscow-based legal firm, told Russian-language crypto news outlet Forklog that while imperfections remained, the country’s approach was notably better than some others.
“Of course the current project has flaws […] that could lead to ambiguity in some areas: determining the legal nature of cryptocurrencies and mining, as well as several other aspects (digital financial asset inheritance etc.),” he told Forklog, adding:
The decision follows a lengthy debate over how to treat digital currencies as they pertain to civil property rights, with legislative proceedings in the form of a draft bill on crypto — titled “On Digital Financial Assets” — seeing multiple delays and missed deadlines.