Lawmakers have filed a bill with the State Duma aimed at introducing the term NFT into Russian law. The authors of the draft say that the rights of those holding non-fungible tokens need to be protected as Russians are currently working with NFTs at their own risk.
Russian representative proposes amendments to what legally defines NFTs
Members of the Duma, the lower house of the Russian parliament, have introduced a draft law that would include the term “NFT-token” in the Civil Code of the Russian Federation. The bill’s sponsors, Vladislav Davankov and Anton Tkachev, are from the parliamentary group of the liberal New People Party.
As reported by Tass news agency, the explanatory note to the bill states that the initiative aims to “recognize NFT-tokens as non-fungible tokens of unique digital assets (images, videos or other content) in the form of non-fungible data . A distributed ledger system (blockchain system).”
“We need to protect the rights of NFT owners,” Tkachev was quoted as saying by the party’s press service. He pointed out that currently the legal concept of non-fungible tokens does not exist in Russian law and people continue to transact with NFT tokens at their own risk. He further elaborated:
Things have progressed with cryptocurrencies, but NFTs are not a digital currency, but a digital certificate of ownership, which is an object of intellectual property, which is why we propose to regulate NFTs as intellectual property. We do.
While Russian authorities are taking steps to broadly regulate the country’s crypto space, Russia’s current and upcoming legislation does not explicitly mention NFTs. The term digital financial assets (DFA), introduced with a law that came into force in January 2021, partly covers cryptocurrencies and certain types of tokens.
A new bill “On Digital Currency”, which was introduced by the Finance Ministry in February, is expected to be adopted this year. It has been designed to fill regulatory gaps remaining in the law of the land. It has already won the support of the federal government in Moscow, while the Central Bank of Russia is opposing the legalization of cryptocurrencies such as bitcoin.
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