The appellate court explained, the recognition of cryptocurrency assets

Ninth arbitration court of appeal explained its decision to recognize the property owned by the bankrupt Zarkovo cryptocurrency.

«Because, as correctly pointed out by a financial Manager, the civil legislation does not include the term «other property» referred to in article 128 of the Civil code (GK) the Russian Federation, taking into account modern economic realities and level of development of information technology the broadest permissible interpretation», – stated in the decree of the court.

The court also took into account under consideration the bill «About modification of parts the first, second and fourth of the civil code», providing for the definition of the basic concepts of the «Digital right» in the system of objects of civil rights.

According to the document of the court of appeal, until the law on the regulation of cryptocurrency is not accepted, they should apply the analogy of law and the requirements of good faith, reasonableness and fairness.

According to the lawyer Tsarkova, the term «cryptocurrency» is not enshrined in the Civil code of the Russian Federation.

«The legal regime of cryptocurrency is not given in any legal act, cryptocurrency is information that cannot be included in the bankruptcy estate,» – he said.

For this reason, the legal community has begun discussion on whether bitcoin is legally property under Russian law – if not, then, for example, the theft of cryptocurrency cannot be considered as a crime if the object of crime no.

According to the Executive duties of the Minister of justice of Russia Alexander Konovalov, the cryptocurrency cannot be considered as electronic money, it falls under the legal concept of «other assets».

«Cryptocurrency can’t be considered as a non-cash, electronic money. Falls under the concept of «other assets». The point is not put, if it develops, will need additional regulation. The main thing is to ensure the safety to not turned into the construction of new financial pyramids», – he said.

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