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Russia Proposes Amendments to Criminal Code and Procedure

The Russian government has proposed amendments to the Russian Criminal Code and the Code of Criminal Procedure. These amendments aim to establish criminal liability for violating the use of digital financial assets, digital currency, and digital rights.

Key Points:

  • Effective Date: The proposed amendments are set to come into force on January 1, 2021.
  • Lack of Comprehensive Information: Despite the Russian government’s stance on cryptocurrency legalization, there is a lack of comprehensive information regarding the boundaries of permitted activities related to digital financial assets.
  • Relevant Problem: The problem of functioning monetary surrogates in the form of cryptocurrency and eligible means of payment remains relevant.

Understanding Digital Financial Assets

Digital financial assets, digital currency, and digital rights are increasingly becoming an integral part of modern economic relations. However, there is a need for comprehensive information regarding the boundaries of permitted activities related to these assets.

References:

  • Federal Law (Draft) “On Amendments to the Criminal Code of the Russian Federation and the Code of Criminal Procedure of the Russian Federation” (https://regulation.gov.ru/projects#npa=108952)
  • Kartskhia, A. A. (2019). Civil legal model of regulation of digital technologies. Dissertation for the degree of Doctor of Law.
  • Kuptsova, T. A. (2020). The functioning of monetary surrogates in the form of cryptocurrency in the system of modern economic relations [Doctoral Dissertation].
  • Ma, Y., Ahmad, F., Liu, M., & Wang, Z. (2020). Portfolio optimization in the era of digital financialization using cryptocurrencies.
  • Munoz, J. G. P. (2020). Crypto-investment’ in international economic law: A first sketch.
  • Xia, P., Wang, H., Zhang, B., Ji, R., Gao, B., Wu, L., Luo, X., & Xu, G. (2020). Characterizing cryptocurrency exchange scams.

Conclusion

The proposed amendments to the Russian Criminal Code and Procedure aim to establish criminal liability for violating the use of digital financial assets, digital currency, and digital rights. However, there is a need for comprehensive information regarding the boundaries of permitted activities related to these assets.