Russian lawmakers submit an NFT draft bill

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

Russian parliament receives NFTs legal definition

Members of the lower house of Russian parliament, the Duma, have imply a draft law which 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 cluster of the liberal New folks party.

The instructive note to the bill, Tass news organization reported, states that the initiative aims to acknowledge NFT-tokens as non-fungible tokens of distinctive digital assets (images, videos or alternative content) within the kind of non-fungible knowledge hold on in an exceedingly distributed ledger system (blockchain system).

Russian deputy looks to protect the rights of NFT owners

In step with Tkachev, we want to guard the rights of NFT owners. Quoted by the party’s press service. He acknowledged that at the moment the legal construct of non-fungible tokens doesn’t exist in Russian law and other people still build transactions with NFT tokens at their own risk. Things have affected forward with cryptocurrencies, however associate NFT isn’t a digital currency but a digital certificate of ownership, that is, an object of intellectual property, that is why we have a tendency to propose to manage NFTs as intellectual property.

Russia looks to regulate the digital ecosystem

whereas Russian authorities are taking steps to comprehensively regulate the country’s crypto space, Russia’s current and future legislation doesn’t expressly mention NFTs. The term digital money assets (DFAs), introduced with a law that went into force in Gregorian calendar month 2021, partly covers cryptocurrencies and a few styles of tokens.

a replacement bill “On Digital Currency,” which was submitted by the Ministry of Finance in February, is predicted to be adopted this year. it’s been designed to fill the remaining regulative gaps within the nation’s legislation. It’s already won the support of the federal government in Moscow, whereas the financial institution of Russia remains hostile to the legalization of cryptocurrencies like bitcoin.