Russian lawmakers have introduced a new law defining cryptocurrency and smart contracts, as part of ongoing efforts to tighten the rules around cryptocurrency.
According to reports in local media, the new laws specify the appropriate legal treatment for digital assets and smart contracts, and introduces the concept of “digital rights” into Russian law for the first time.
The bill means that digital rights will be treated in the same way as securities or other contractual rights. It clarifies that digital rights will be governed under civil law.
Automatically executing smart contracts will be treated in the same way as automated payment used by mainstream banks, while requiring information attached to each transaction, such as the identity of the digital rights owner and other parties to the transaction.
The Russian legal system is not based on common law, meaning there are no precedents—only laws written to the country’s civil code are enforceable. This means the bill will effectively be introducing regulatory structure to cryptocurrency and digital assets for the first time. Read More...