#2. ICOnomy

Dear readers,

Welcome to the summer edition of our corporate journal “Korpus Prava.Analytics”. This edition is dedicated to cryptocurrency and all related matters.

The hype around ICO is growing with each passing year and draws the attention of not only people connected with the IT-world, but also those people who have never associated themselves with one. Our experts reviewed risks attributable to ICO, as well as key aspects which should be considered upon the project preparation.

Russia is likely to join the list of countries that recognized bitcoin at the national level. In the near future, we will observe transformations of the Russian legislation related to development of digital tendencies, as shown by the judgement of the Ninth Arbitration Court of Appeal dated May 7, 2018, according thereto the court recognised cryptocurrency as property. This edition covers draft laws that may be considered the first attempt to legalize blockchain technologies in Russia. Such draft laws have already been submitted for consideration to the State Duma.

Our managing director of the audit practice Igor Chaika reviewed issues of cryptocurrency classification for accounting purposes (both Russian Accounting Standards and IFRS), and the accounting procedure for cryptocurrency in the Russian accounting.

We are pleased to introduce Estonia as the European oasis for the cryptocurrency market. Our Estonian partners shared information on the regulation and taxation of cryptocurrency in Estonia, which we hope to be beneficial and interesting for you.

The summer edition includes articles covering other topics non-related to blockchain technologies. For example, it has the article covering the topical issue of the second stage of capital amnesty. You will also learn everything about the Law on Syndicated Lending and will be kept up to speed with the latest changes to the Federal Law, which simplified the procedure of state registration.

We hope each reader will find something useful in this edition. As always, we welcome your questions, requests and feedback. Feel free to contact us in any convenient way.

See you next time with “Korpus Prava.Analytics”!

Artem Paleev
Managing Partner
Korpus Prava

Alexey Oskin

Deputy Director

Tax and Legal Practice

Korpus Prava (Russia)

The rationale for participation in the second amnesty stage, as well as implementation of tax-free liquidation procedure, may be determined only after a detailed analysis and review of such factors as the structure of assets, history and procedure of their acquisition.

Artem Morozov

Lawyer, Board Member

OÜ Juridium

Estonia is considered an advanced country in the IT-field. In recent years, it has become one of the most successful European countries in the business sphere, mainly due to IT-technologies and its innovative model of e-government.

Roman Moskovskikh


Tax and Legal Practice

Korpus Prava (Russia)

The first regulatory act any business participant (whether a legal entity or an individual entrepreneur) faces in Russia is the Federal Law "On State Registration of Legal Entities and Individual Entrepreneurs".

Igor Chaika

Ex-Managing Director

Audit Practice

Korpus Prava (Russia)

Cash and non-cash money is separately attributed to objects of civil rights (article 128 of the Civil Code of the Russian Federation). Cash money is classified as belongings, while non-cash money as other property.

Diana Voroshilova

Ex-Lawyer Assistant

Tax and Legal Practice

Korpus Prava (Russia)

Now cryptocurrencies are considered one of the most promising technologies. Unfortunately, transactions with cryptocurrencies in Russia are not properly regulated, and what is more, they are hardly even reviewed.

Tatiana Frolova

Leading Lawyer

Korpus Prava Private Wealth

On May 7, 2018, the Ninth Arbitration Court of Appeal delivered a judgement that caused a great stir to the "digital world". Cryptocurrency was recognized as property that could be foreclosed.

Anna Senchenko, LL. M.

Leading Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

ICO (Initial Coin Offering) is an actual emission of tokens for payment purposes by any project. In other words, a project issues its payment instrument which will be acceptable in its ecosystem.

Olga Kuramshina

Ex-Leading Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

Syndicated credit (loan) is a financial instrument, which provides for getting loan-based funding from several persons and sharing rights, obligations and risks attributable to lending among them.