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Cryptocurrencies in the Russian Federation are in significant demand, especially interest in them has increased against the backdrop of sanctions from “unfriendly countries”. They can also be used abroad. There are situations when the owner of cryptocurrencies dies. Therefore, the question arises: how to leave a legacy in cryptocurrency and is it possible to do this in the Russian Federation.
If the cryptocurrencies are on a cold wallet, to which only the owner of the asset had access, they will remain on it. Other persons will not be able to access them.
If cryptocurrencies are on the account of a cryptocurrency exchange, it all depends on what the rules of the platform are. If the relatives of the deceased do not have access to his account, then the funds will remain on the account indefinitely, or until the account is hacked and the criminals steal them.
Is it possible to leave cryptocurrencies as an inheritance in the Russian Federation
On January 1, 2021, the law “On CFA“. It states that cryptocurrency is property. This status allows, by law, to transfer them by inheritance. But in practice, everything is more difficult. As representatives of the Federal Notary Chamber pointed out, citizens cannot bequeath cryptocurrency within the framework of existing legislation.
The system cannot receive official confirmation of ownership of property in the form of cryptocurrency to a specific person. Without official confirmation that the cryptocurrency belongs to a specific entity, a notary cannot formalize the right of inheritance. However, you can still leave an inheritance, just without involving notary offices.
What needs to be done to transfer cryptocurrency to a citizen of the Russian Federation
In order for relatives to inherit the cryptocurrency, it is necessary to create suitable conditions for storing assets. Cryptocurrency must be stored in a cold wallet. The heir must have an access code to the cryptocurrency. Recovery phrases, PIN code, everything should be kept in a safe place. If we are talking about organizing an inheritance, access codes and the cold wallet itself can be transferred to a notary for storage. After the death of the client, he will give them to the heir, according to the will.
Perhaps, after changing the legislation in this area, new ways will be proposed to allow you to issue a cryptocurrency as an inheritance.
Author: Vadim Gruzdev, analyst Freedman Сlub Crypto News
#leave #legacy #cryptocurrency
