Russian Court Hears Landmark Case, Rules on Whether Individual Has Property Rights to USDT and Other Stablecoins

November 18th. As per DLNews, the Russian Constitutional Court is currently in the process of examining a crucial case with the aim of determining whether citizens possess property rights to USDT and other stablecoins. A number of regulatory experts have indicated that fiat-pegged stablecoins like USDT do not fall within the purview of "Digital Financial Assets" (DFA) as per Russian law and are not subject to the country's digital currency circulation regulations. In this case, Dmitry Timchenko, a resident of Moscow, lent out 1000 USDT in 2023, but the other party refused to repay. His appeals to the district court, the appellate court, and the supreme court were all rejected, as the courts determined that stablecoins do not fall under the protected category of DFAs. Dmitry Timchenko then appealed to the Constitutional Court, arguing that "Russia does not have any other asset class facing such restrictions." The final ruling in this case is anticipated to be announced within a few weeks in a non-public manner and is regarded as a significant precedent for the legal recognition of stablecoins in Russia.