Golden Finance reports that the Constitutional Court of Russia is about to make a ruling on whether its citizens have property rights to stablecoins such as USDT issued by Tether.
According to reports, experts have stated to the court that stablecoins linked to fiat currency do not fall under the category of digital financial assets (DFA), and the current regulations in Russia regarding “digital currency circulation” do not apply to USDT. Digital financial assets are a type of tokenized asset that has a special regulatory status in Russia.
Alexey Guznov, the Deputy Governor of the Central Bank of Russia, stated in court: “From a conceptual perspective, what we are discussing here (stablecoin) is essentially a substitute for currency.”
This case is expected to establish a long-lasting legal precedent for future civil cases related to stablecoin ownership, with the final judgment to be announced before the end of this year.
At the same time, Russian legislators are trying to crack down on unregulated cryptocurrency-related businesses.
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