Unofficial transfer (c) Soyuzpravoinform LLC
of November 8, 2024 No. ZR-394
About entering of amendments into the Civil code of the Republic of Armenia
Accepted by National Assembly of the Republic of Armenia on October 24, 2024
Article 1. After the words "money" to add Item 1 of Article 132 of the Civil code of the Republic of Armenia of May 5, 1998 (further - the Code) with the words "cryptoassets".
Article 2. Add the code with Article 143.1 of the following content:
"Article 143.1. Cryptoasset
1. The cryptoasset is the property based on enciphering (cryptography) which has value or certifies the right and can be transferred and be stored exclusively in electronic form with use of technology of the decentralized register.
2. In sense of this Article, the decentralized register is electronic register in which transactions with cryptoassets and data on them which is synchronized are registered and, along with preserving, is available in network of technology of the decentralized register, using the mechanism of mutual approval.
3. In sense of this Article the mechanism of mutual consent is set of rules and processes on the basis of which the agreement on conditions of check and registration of transactions in the decentralized register is reached by network of the decentralized registration technologies.
4. In sense of this Article, the network of technologies of the decentralized register is set of the equipment or processes, by means of each of which all transactions and data on them registered in the decentralized register fully or partially remain.
5. Alienation of cryptoasset in violation of the law, including with ignoring of requirements of the court or administrative act establishing such prohibition has no value.".
Article 3. To add article 176 of the Code with part 3 following of content:
"3. The person acquires the property right to cryptoasset:
1) in the decentralized register, according to its rules, from the moment of registration to the address of person receiving cryptoasset if person receiving cryptoasset, or person specified to them on legal causes owns the means providing access to cryptoasset;
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Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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