Cryptocurrency can be included in the Civil Code

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The Russian authorities may grant businesses
the right to conduct international operations with cryptocurrency in 2023. The
main information about the innovations is still unknown, for example, it is not
clear whether the concept of cryptocurrency will be included in Civil
legislation. This definition would be able to distinguish cryptocurrency into a
separate type of property.

The Ministry of Finance informs that it is
planned to legally regulate financial settlements in cryptocurrency, for this
purpose, appropriate laws will be adopted allowing the cryptocurrency to be
recognized as property.

According to the tax service, the issue of
taxation of cryptocurrencies remains unresolved. It depends on how these
transactions will be regulated. The decision will be made after meetings with
the Central Bank of Russia. There are two possible options: cryptocurrency will
be considered property or separate rules for cryptocurrency will be developed.

If cryptocurrency is included in the Civil
Code, it will become an element of civil turnover. At the moment, standards are
being developed that will allow international settlements in cryptocurrency.

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