A draft law on NFTs is submitted to the Russian Parliament

Lawmakers submitted a bill to the State Duma to introduce the term NFT into Russian law. The drafters say that the rights of those who hold non-fungible tokens should be protected as Russians are now handling NFTs at their own risk.

Russian lawmaker proposes amendment to legally define NFT

Russian MP Duma has submitted a draft bill incorporating the term “NFT token” into the Civil Code of the Russian Federation. The bill’s sponsors, Vladislav Davankov and Anton Tkachev, are from a group of members of the Liberal New Democratic Party.

According to an explanatory note to the bill, the initiative “recognizes NFT tokens as non-fungible tokens of unique digital assets (images, videos or other content) and distributed ledger systems (blockchain systems).”

“We must protect the rights of NFT owners,” Tkachev, quoted in the party’s press service, said. He pointed out that there is currently no legal concept of a non-fungible token in Russian law and that people continue to trade with NFT tokens at their own risk. He further explained:

Although things have progressed with cryptocurrencies, it is proposed to regulate NFTs as intellectual property, as NFTs are not digital currencies, but are subject to digital proofs of ownership, i.e. intellectual property rights.

While Russian authorities are taking steps to comprehensively regulate the country’s crypto space, Russia’s current and future legislation does not explicitly address it. NFT. The term digital financial assets (DFA), introduced with a law that came into force in January 2021, partially encompasses cryptocurrencies and some types of tokens.

A new bill on ‘digital currency’ submitted by the Ministry of Finance in February is expected to be adopted this year. It is designed to fill the remaining regulatory gaps in national legislation. The Central Bank of Russia opposes the legalization of cryptocurrencies like Bitcoin, while in Moscow it has already received federal support.

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Do you think the State Duma will approve new legislation for non-fungible tokens? Let us know in the comments section below.

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Lubomir Tasev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quotes. In addition to cryptocurrencies, blockchain, and fintech, he said, international politics and economics are two other sources of inspiration.

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