Russia reportedly enacts laws defining cryptocurrency and smart contracts

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Russia reportedly enacts laws defining cryptocurrency and smart contracts

Russia has reportedly just enacted a new “digital rights act” that defines smart contracts and Cryptocurrency tokens. Russian news outlet Regnum reported the act came into force yesterday.

The new laws were first announced earlier this year and outlined how smart contracts and digital tokens would be thought of, legally speaking.

The bill establishes the concept of “digital rights” in Russian law. In effect, the bill sees digital rights like securities or a set of contractual rights that state what a holder is entitled to.

These laws determine how these digital rights can then be exercised and transferred. As such, digital rights are now seen as assets within Russian civil legislation, and will fall under the remit of civil law.

Interestingly, the laws group the automatic execution of smart contracts along with other automatic systems that banks use to take payments for bills.

The act will also require information systems to identify a digital rights owner, participants of a transaction, and allow reproduction of the terms of the agreement.

While the countr

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