State Duma Of Russia Legally Enshrines "Digital Rights" Concept
The Russian State Duma amended the Civil Code in the third reading, enshrining the “digital rights” concept in it. The respective information was published on the official website of the legislative assembly.
The amendments were made by the Chairman of the Duma Vyacheslav Volodin, his deputy Pyotr Tolstoy, and several other parliamentarians. Deputies voted unanimously to introduce the revisions to the country's Civil Code. The law is to come into effect in Q4 2019.
According to the new law, digital rights are binding, the conditions for their execution are determined by the rules of the information system established by the law, all actions regarding digital rights (transfer, pledge, etc.) are carried out within the information system and cannot be transferred to third parties.
The actions of the Russian authorities show that they do not follow the path of restrictive measures adopted in China or India. However, some experts note that there are flaws in the legislation that can later complicate the definition of cryptocurrency, mining, and various legal aspects related to the crypto sphere.
In particular, it is not yet clear how the right to inheritance of digital assets will be determined. Although, the parliament still can change legal concepts regarding cryptocurrency and mining. For this, it is necessary to amend the draft law “On digital assets”.
As previously reported, the deputies of the Russian parliament intend to introduce mandatory user authentication when conducting crypto operations.