Moscow court declared Bitcoin property

Lawyers called the government’s decision a “positive moment” and explained why such a practice shouldbecome established.

Ninth Arbitration Court of Appealthe decree recognized cryptocurrency “other property”. It cannot be unambiguously assigned to the categories “property”, “asset”, “surrogate”, “information”, since the corresponding concept is not spelled out in the legislation.

“According to the court of appeal,cryptocurrency cannot be regarded ... otherwise than other property. From a literal interpretation of Art. 128 of the Civil Code of the Russian Federation it follows that objects of civil rights include things, other property, including property rights (including cashless funds, uncertified securities, digital rights); work results and services; Protected results of intellectual activity and equivalent means of individualization; intangible goods, ”the court ruled.

The basis for the proceedings was a lawsuit from LLPKRAUDVIZ to LLC Krypton. The plaintiff appealed to the Moscow Arbitration Court with a request to oblige the defendants to return the cryptocurrency involved in the ICO, which includes 1922 ETH, 2.14 MTC and 200 LTC, and recover more than $ 1.24 million.

I agreed with the decision of the court of appealDirector General of Moscow Digital School Dmitry Zakharov. In his opinion, cryptocurrency in relation to Art. 128 of the Civil Code of the Russian Federation cannot be regarded otherwise than other property.

Once again, the court of appeal has determinedcryptocurrency as some other property, and this is a “positive moment,” added the partner of the law firm Taxology, deputy chairman of the Commission for the Legal Support of the Digital Economy of the Moscow branch of the Russian Bar Association Mikhail Uspensky. He believes that if recognized, such a practice will help with the formation of the status of digital money.

The first time the court of appeal has recognized cryptocurrencyproperty in May 2018. The authority obliged the debtor to give access to the cryptocurrency wallet to include its contents in the bankruptcy estate and subsequent collection.

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