Law firm "Avelan" has prepared an expert conclusion for the law on the regulation of cryptocurrencies and tokens.


K. Sklovskiy, V. Kostko with the participation of A. Belyaeva and S. Kazinets analysed the federal law project № 424632-7 “About the introduction of changes in the first, second and fourth parts of the Civil code of the Russian Federation”.

 

In conclusion, it is argued that “digital law” in the draft law is not a right and an object of civil rights, at the same time the qualification of the token as goods (with the aim of it being introduced into the proposed legislation of  article 141.1) has been put forward, making a number of proposals to change the wording of article 141.1 of the Civil codex. Attention is been drawn to the nature of “digital money”: Ownership is not permitted to be attributed to a person's identity and remains anonymous, which in the near future could be diminished or eliminated in connection with cryptocurrency coming into use as legal tender. Also, in conclusion, the mechanism of “challenging completed executions” “smart-contracts” outlined in the bill have undergone criticism. Instead of this, according to the authors of the conclusion, it is more reasonable to apply norms about unjust enrichment to such relations.