Russians Could Inherit Cryptocurrencies with New Law Proposed by Lawmakers

Tuesday, 08/06/2021 | 23:07 GMT by Felipe Erazo
  • There are still discussions on the lack of clarity regarding the legal status of cryptocurrencies in Russia.
Russians Could Inherit Cryptocurrencies with New Law Proposed by Lawmakers
pixabay: Kurious

A proposed law in Russia seeks to allow citizens to inherit Bitcoin and Cryptocurrencies to include them in divorce settlements and wills. According to RBC, Russian lawmakers want such a legal framework to allow creditors to access virtual currencies in case of successful bankruptcy claims, despite crypto’s legal status still being unclear in the country.

Pavel Krasheninnikov, the Head of State Duma’s Committee on State Construction and Legislation, stated that there is a growing mood to change the current inheritance law before the end of the current parliamentary session. If they do not manage to pursue such a proposal in this period, Krasheninnikov hinted at the possibility of moving it until the next one in September.

“We will remove this paradox when there is a cryptocurrency and is not regulated by anything. Will we have time to do it before the end of the spring session or not? I would really like to have time,” Krasheninnikov commented on the matter.

Treating Bitcoin as Property

In fact, the lawmakers seek to grant cryptocurrencies in Russia the status of 'property', whose amendments should be done on the Civil Code. “It will not be necessary to deduce the legal regime of cryptocurrency every time from the general principles of civil law,” Efim Kazantsev, Moscow Digital School’s expert, said, who added that such treatment of property had already been given by Russian courts.

That said, further amendments should point towards clarifying any doubts about the legal status of cryptocurrencies, the expert stated. If the proposed law is bumped until September’s session and gets the green light for approval, the ruling will be promulgated starting January 1, 2022.

Regarding crypto-related regulatory affairs in Russia, the Russian parliament initially passed a new bill that will start taxing profits from cryptocurrencies. However, it is unclear if the taxation will apply to mining operations and income from crypto-based fundraising campaigns.

A proposed law in Russia seeks to allow citizens to inherit Bitcoin and Cryptocurrencies to include them in divorce settlements and wills. According to RBC, Russian lawmakers want such a legal framework to allow creditors to access virtual currencies in case of successful bankruptcy claims, despite crypto’s legal status still being unclear in the country.

Pavel Krasheninnikov, the Head of State Duma’s Committee on State Construction and Legislation, stated that there is a growing mood to change the current inheritance law before the end of the current parliamentary session. If they do not manage to pursue such a proposal in this period, Krasheninnikov hinted at the possibility of moving it until the next one in September.

“We will remove this paradox when there is a cryptocurrency and is not regulated by anything. Will we have time to do it before the end of the spring session or not? I would really like to have time,” Krasheninnikov commented on the matter.

Treating Bitcoin as Property

In fact, the lawmakers seek to grant cryptocurrencies in Russia the status of 'property', whose amendments should be done on the Civil Code. “It will not be necessary to deduce the legal regime of cryptocurrency every time from the general principles of civil law,” Efim Kazantsev, Moscow Digital School’s expert, said, who added that such treatment of property had already been given by Russian courts.

That said, further amendments should point towards clarifying any doubts about the legal status of cryptocurrencies, the expert stated. If the proposed law is bumped until September’s session and gets the green light for approval, the ruling will be promulgated starting January 1, 2022.

Regarding crypto-related regulatory affairs in Russia, the Russian parliament initially passed a new bill that will start taxing profits from cryptocurrencies. However, it is unclear if the taxation will apply to mining operations and income from crypto-based fundraising campaigns.

About the Author: Felipe Erazo
Felipe Erazo
  • 1036 Articles
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About the Author: Felipe Erazo
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
  • 1036 Articles
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