by Lubomir Tassev
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.
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.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.
Today’s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per … read more.
Check all the news here

source

Write A Comment

Your article is loading
Exit mobile version