Cryptocurrency can be included in the Civil Code

The Russian authorities may grant businesses the right to conduct international operations with cryptocurrency in 2023. The main information about the innovations is still unknown, for example, it is not clear whether the concept of cryptocurrency will be included in Civil legislation. This definition would be able to distinguish cryptocurrency into a separate type of property.

The Ministry of Finance informs that it is planned to legally regulate financial settlements in cryptocurrency, for this purpose, appropriate laws will be adopted allowing the cryptocurrency to be recognized as property.

According to the tax service, the issue of taxation of cryptocurrencies remains unresolved. It depends on how these transactions will be regulated. The decision will be made after meetings with the Central Bank of Russia. There are two possible options: cryptocurrency will be considered property or separate rules for cryptocurrency will be developed.

If cryptocurrency is included in the Civil Code, it will become an element of civil turnover. At the moment, standards are being developed that will allow international settlements in cryptocurrency.