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NFT Bill Submitted to Russian Parliament – Regulation Bitcoin News

ByHazel R. Lang

May 21, 2022

Lawmakers have filed a bill with the State Duma to introduce the term NFT into Russian law. The authors of the project say that the rights of those who own non-fungible tokens must be protected, as the Russians are currently dealing with NFTs at their own risk.

Russian lawmakers propose amendments legally defining NFTs

Members of the lower house of the Russian parliament, the State Duma, have introduced a bill 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, come from the parliamentary group of the liberal New People’s Party.

The bill’s explanatory note, Tass news agency reported, says 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 must 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 then clarified:

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

While Russian authorities have taken 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 (DFA), introduced by a law that came into force in January 2021, partially covers cryptocurrencies and certain types of tokens.

A new “digital currency” bill, which was submitted by the Ministry of Finance in February, is expected to pass this year. It was designed to fill the remaining regulatory gaps in national legislation. He 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.

Keywords in this story

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

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who 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

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