Lawmakers have submitted a bill to the State Duma aimed at introducing the term NFT into 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 Representative Proposes Amendment to Legally Define NFTs
Members of the Duma, the lower house of the Russian parliament, have proposed a draft law to incorporate the term “NFT-tokens” into the Civil Code of the Russian Federation. The bill’s sponsors, Vladislav Davankov and Anton Tkachev, are from the parliamentary group of the Free New People’s Party.
An explanatory note to the bill states that the plan aims to “identify NFT tokens as non-fungible data stored in a distributed ledger system (blockchain system),” TASS reported.
“We need to protect the rights of NFT owners,” Tkachev was quoted as saying by the party’s news service. He pointed out that there is currently no legal concept of non-fungible tokens in Russian law, and people continue to use NFT tokens for transactions at their own risk. He further elaborated:
Things have moved forward with the development of cryptocurrencies, but NFTs are not digital currencies, but digital certificates of ownership, the objects of intellectual property, which is why we recommend regulating NFTs as intellectual property.
While Russian authorities have been taking steps to comprehensively regulate the country’s crypto space, current and upcoming Russian legislation does not explicitly mention it NFT. Cryptocurrencies and certain types of tokens are partially covered by the term digital financial assets (DFA) introduced by the law that came into effect in January 2021.
A new bill “on digital currencies” submit Passed by the Treasury in February, it is expected to pass this year. It is designed to fill the remaining regulatory gap in national legislation.It has won the backing of the federal government in Moscow, while the Russian Central Bank is still be opposed to Legalization of cryptocurrencies such as Bitcoin.
Do you think the State Duma will approve new legislation on non-fungible tokens? Let us know in the comments section below.
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