Russia’s Supreme Court Recognizes Tokens as Assets Like Money and Property

Tokens Can Be Subject of Bribe, Supreme Court Says
Although many of them are still wary about legalizing decentralized digital money, governments around the world are nevertheless tempted to tap into incomes from the cryptoconomy or feel obliged to prevent illicit uses of cryptocurrencies. With each step authorities take to achieve their goals in either of these directions, however, they inevitably add another layer of legitimacy for cryptos, gradually shaping their legal status even if that wasn’t the intended result. Money and other financial assets can be used for various noble causes but their qualities are sometimes exploited for illicit purposes as well because their value is universal and impartial. Cryptocurrencies and digital assets in general are no different. It’s taking some time for regulators to realize that but they are getting there. The ‘moneyness’ of bitcoin is being constantly recognized one way or another, often indirectly but also indisputably.
‘Digital Rights’ Are Like Money and Property
According to the revision, along with money, securities, and other property, the illegal provision of property-related services and property rights can now be considered part of a bribery offence. “In cases where the subject of the bribe is property rights, an official has the opportunity to receive income from the use of uncertified securities or digital rights,” the clarification details. “Digital rights” is currently the only legal description of cryptocurrencies provided in Russian law. The term was introduced with amendments to the country’s Civil Code adopted as part of a package of draft laws designed to regulate the country’s digital economy including the crypto space. The final adoption of the main bill, the law “On Digital Financial Assets,” has been postponed multiple times since last spring.
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Are you a Bitcoin developer? You can create your own Bitcoin Cash app with the Bitbox and Badger Wallet SDKs, get started with BCH tokens through the SLP SDK, and build your knowledge base with our Bitcoin Cash developer guides. The post Russia’s Supreme Court Recognizes Tokens as Assets Like Money and Property appeared first on Bitcoin News.
amendments bills bribes Coins Cryptocurrencies cryptos Law Laws money resolution Russia Russian Federation Supreme Court Taxes Tokens