March 12, in the third reading deputies of the Russian state Duma adopted the law “About modification of parts the first, second and fourth Civil code”, which enshrines in law the concept of “digital rights” (article 141.1 of the RF civil code). This is the official website of the state Duma.
The law defines digital rights as “contractual and other rights the contents and conditions of which are determined in accordance with the rules of the information system conforming to the law of signs; execution of, the disposal, including transfer, mortgage, encumbrance of digital rights in other ways or limiting the disposition is only possible in the information system without resorting to third party”.
To facilitate transactions with digital rights law equates to a simple written form of the transaction, “the expression the face of his will through electronic or other similar technical means”. The requirement of a signature is fulfilled when used by any method that allows to reliably detect a face, expressing the will of the (rules do not apply to the drafting of wills).
In addition, the law clarifies that “the meetings at which the decision is made by ballot, such vote may be by electronic or other technical means”.
The law will come into force on 1 October 2019.
Managing partner of the legal company “Effective business resources”, co-founder of the program of additional education of BCL Alexander Zhuravlev commentary magazine ForkLog expressed confidence that with the adoption of the law on business and ordinary citizens will guarantee their rights, including the fundamental right to judicial protection.
“Of course, of the existing draft amendments to the RF civil code has flaws that can lead to uncertainty in part: definition of the legal nature of cryptocurrencies and mining, as well as some other aspects (inheritance digital of financial assets, etc.). However, it is worth noting that Russia did not go the way of China and India, having chosen a prohibitive approach to digital assets.
You need to pay attention to the fact that the legislator can still correct the situation with the definition of the legal nature of cryptocurrencies and mining, if you make changes to the draft Federal law “On digital assets.” In that case, if that happens, many potential risks for market participants will be removed,” he said.
We will remind, amendments to the bill “On amendments to the Civil code of the Russian Federation” was approved by deputies of the state Duma on March 5.
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