Draft Law About NFTs Submitted to Russian Parliament

Draft Law About NFTs Submitted to Russian Parliament

Lawmakers have filed a bill with the State Duma aimed at introducing the term NFTs to Russian legislation. The authors of the draft say the rights of those who own non-fungible tokens need to be protected as Russians are currently dealing with NFTs at their own risk.

Russian Deputies Propose Amendments Legally Defining NFTs

Members of the lower house of Russian parliament, the Duma, have put forward a draft law that will incorporate the term “NFT-tokens” into the Civil Code of the Russian Federation. The sponsors of the bill, Vladislav Davankov and Anton Tkachev, are from the parliamentary group of the liberal New People party.

The explanatory note to the bill, Tass news agency reported, 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 stored in a distributed ledger system (blockchain system).”

“We need to protect the rights of NFT owners,” said Tkachev, quoted by the party’s press service. He pointed out that at present the legal concept of non-fungible tokens does not exist in Russian law and people continue to make transactions with NFT tokens at their own risk. He further elaborated:

Things have moved forward with cryptocurrencies, but an NFT is not a digital currency but a digital certificate of ownership, that is, an object of intellectual property, which is why we propose to regulate NFTs as intellectual property.

While Russian authorities have been taking steps to comprehensively regulate the country’s crypto space, Russia’s current and upcoming legislation does not explicitly mention NFTs. The term digital financial assets (DFAs), introduced with a law which went into force in January 2021, partially covers cryptocurrencies and some types of tokens.

A new bill “On Digital Currency,” which was submitted by the Ministry of Finance in February, is expected to be adopted this year. It has been designed to fill the remaining regulatory gaps in the nation’s legislation. It has already won the support of the federal government in Moscow, while the Central Bank of Russia remains opposed to the legalization of cryptocurrencies like bitcoin.

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

Earning Passive Income With Crypto

Related Posts

The New Eminem and Snoop Dogg Music Video Showcases Bored Ape Avatars

The prominent rap stars Eminem and Snoop Dogg released a new music video that showcases the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection. The duo’s…

Crypto Can Save the Fashion Industry Despite Being Bruised and Battered –  Here’s Why

Luxury fashion brands are looking beyond the trauma that the crypto industry is currently facing to create “digital twins” for their designer products. Luxury giants LVMH, Prada,…

2022 Most Significant Bear Market yet, Says Glassnode

The bear market of 2022 has proven to be the most significant yet for cryptocurrencies, according to a recent report from Glassnode. While equities and bonds have…

Reports Claim Russia Defaulted on Foreign Debt for the First Time in a Century, Kremlin Disagrees and Says It Paid

According to reports, the Russian Federation has defaulted on its foreign debt for the first time since 1918. Bondholders told the press that they had not received…

Stacks (STX) Breaks out From 221-Day Descending Wedge

Stacks (STX) has broken out from a bullish long-term pattern after the RSI generated significant bullish divergence. STX has been falling since reaching an all-time high price…

Australian Crypto Firm Lays off Workers as the Crypto Winter Bites Harder

As the crypto winter shows little to no end, Australian crypto giant Banxa wants to save itself by rescinding the employment contracts of a cross-section of its…