Bitcoin News: Russia Late to the Game, warns Supreme Arbitration Court Justice

• A Russian supreme arbitration court judge has shared plans to develop various laws for digital assets
• The chairperson also believes that regulatory bodies in Russia must follow risk management rather than completely prohibiting it
• Amendments related to alternate methods of attracting investments were also in focus

The future of money is digital, this is a notion that is quickly taking over nowadays. Digital assets have been here for quite some time now and although they were frowned upon at first, people now have understood the part it can play to revolutionize the financial sector. A judge at the Russia Supreme Arbitration Court was one such individual who recently argued that the term ‘digital assets’ must be included in Russian Civil Law, a local state-back media agency reported this Wednesday.

Regulatory uncertainties unacceptable in a growing market

Lyudmila Novoselova, Chairman at the court for Intellectual Rights and also a judge at the Supreme Arbitration Court has introduced the Intellectual Rights of Russian Federation court’s plans to develop various Legislations on digital rights as the chairperson considers it necessary to include the concept of Digital money in the civil code of law.  She pointed out that so far there is no understanding of what these are or what the industry is about. The Judge further elaborated that objects associated with digital assets and such require systematic regulation. She said:

“Such objects exist and require regulation. Neither the tax accounting regime, the tax regime, nor the legality of transactions with such objects are clear”

The chairperson also declared that Russian lawmakers should follow the logic of regulatory risk management rather than prohibiting crypto entirely or come to conclusions based on assumptions in regard to the digital asset industry. The Judge specifically focused on the questions regarding amendments that are related to alternative methods of attracting investments such as crowdfunding.

Russia late to the game on crypto

The above news came as somewhat of a positive spark following the Russian prime minister’s statement last month when he said that cryptocurrencies are not as interesting to the general population as they used to be and hence its priority at the moment has decreased.

Also in March Russia’s parliament, the State Duma adopted amendments to the civil code of the Russian Federation on digital rights and it provides a regulatory basis for the digital economy. From a country that adopted blockchain for e-voting, we expect further regulatory developments. The delay in framing proper legislation has also caused various Russian banks to drop all digital asset related projects.

Although this may not be the case across the world this is an important reminder for everyone that the digital assets industry must work towards developing something solid that embeds crypto in our daily lives rather than just something you make money out of.