Practices
Industries
Jurisdictions

Lidings - Appointed Exclusive Representative of WEX Crypto Exchange for Accepting Applications of Clients for Refunds – Informs on the Current Status of the Refund Procedure

26 March 2025

As previously communicated to WEX clients, the submission of applications and the compilation of client dossiers were suspended as of September 1, 2024. 

All applications submitted before this deadline have been processed, and the corresponding dossiers have been compiled and submitted to WEX’s management for review. We are pleased to report that significant progress has been made in locating clients, verifying their identities, and obtaining documentation confirming the lawful origin of their funds.

The Federation Council Approved Laws Amending the Criminal Code of The Russian Federation and The Code of Administrative Offences of The Russian Federation and Toughening Liability for Violations of Law in The Area of Personal Data

02 December 2024

On November 27, 2024 the Federation Council approved laws amending the Criminal Code of the Russian Federation (hereinafter referred as the “Criminal Code”) and the Code of Administrative Offences of Russian Federation (hereinafter referred as the “Administrative Offences Code”) to and toughening liability for violations of law in the area of personal data (in accordance with the previously introduced Draft Laws: No. 502104-8 “On Amending the Code of Administrative Offences of the Russian Federation” and No. 502113-8 “On Amending the Criminal Code of the Russian Federation”).

More in our update.


The Bill on Amendments to the Law on Personal Data and the Law on Consumer Rights Protection Was Adopted in the First Reading

31 October 2024

On October 29, in the first reading, the State Duma of the Russian Federation adopted Bill No. 679980-8 "On Amendments to Article 9 of the Federal Law "On Personal Data" ("Law on Personal Data") and Article 10 of the Law of the Russian Federation "On Consumer Protection" ("Law on Consumer Protection") (hereinafter - the "Bill").

The Russian Federation May Allow Using Stablecoins in Foreign Trade Settlements

05 February 2024

The draft Law № 540256-8 “On Amendments to the Federal Law "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation"” (hereinafter “Draft Law”) has been submitted to the State Duma.

The Draft Law introduces spot changes to the Digital Financial Assets Law1 in terms of the definition of the term “secured stablecoins” and the procedure for the use of secured stablecoins in foreign trade contracts.

Personal Data Leak – A Problem To Be Solved

15 December 2023

According to the Group-IB research, last year the amount of publicly released databases of Russian companies six times outnumbered those unlawfully made public in 2021. At the same time, special provisions, regulating liability for personal data leaks, are not foreseen neither in the Code of Administrative Offenses of Russia nor in the Criminal Code.

Therefore, on 4 December 2023, the draft laws No. 502104-8 “On Amendments to the Code of Administrative Offences of the Russian Federation” (“draft law No. 502104-8") and No. 502113-8 “On Amendments to the Criminal Code of the Russian Federation” (“draft law No. 502113-8”), providing toughening liability for personal data leakage, were submitted to the State Duma.

According to the explanatory notes to these draft laws, currently existing liability is disproportional and incomparable to the potential social harm which can personal data leakage result in.