A bill has been filed with the State Duma by lawmakers aiming to add the NFTs term to Russian legislation. Draft authors argue that the Russians currently deal with NFTs at their risk and must protect the rights of anyone who has non-fungible tokens.
Russian deputies offer amendments legal 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. Vladislav Davankov, and Anton Tkachev are members of the parliamentary group from 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. Tkachev pointed out that the Russian legal concept of non-fungible tokens is not yet established and that people can continue to transact with NFT tokens at risk. He went on:
While cryptocurrency has made things easier, an NFT, while a digital currency, is actually a digital certificate to ownership. This is why we are proposing to regulate NFTs in the same way 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. Digital financial assets (DFAs) was introduced in January 2021 and covers some types of tokens as well.
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. The federal government has supported it in Moscow. However, the Central Bank of Russia continues to oppose legalizing cryptocurrency like bitcoin.
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