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Draft Law About NFTs Submitted to Russian Parliament

Draft Law About NFTs Submitted to Russian Parliament – A bill has been presented in the State Duma to introduce the term NFTs into Russian legislation. Russians are clearly dealing with non-fungible tokens at their own risk, according to the draft’s authors.

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Members of Russia’s Duma, the lower house of parliament, have proposed a bill to add the word “NFT-tokens” to the Russian Federation’s Civil Code. Vladislav Davankov and Anton Tkachev, the bill’s sponsors, are members of the liberal New People’s Party’s parliamentary group.

Also Read: Vietnam Launches Blockchain Association to Conduct Research and Suggest Regulations

The initiative, according to the Tass news agency, aims to “recognize NFT-tokens as non-fungible tokens of unique digital assets (images, videos, or other content) in the form of non-fungible stored data in a distributed ledger system (blockchain system).”

Tkachev was quoted by the party’s press service as saying, “We need to preserve the rights of NFT owners.” He noted that the legal idea of non-fungible tokens does not exist in Russian legislation at the moment, and that people are continuing to trade with NFT tokens at their own risk. 

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He continued, saying:

“Things have progressed with cryptocurrencies, but an NFT is not a digital currency, but rather a digital certificate of ownership, or an intellectual property item, which is why we propose that NFTs be regulated as intellectual property.”

Despite Russian authorities’ efforts to thoroughly regulate the country’s crypto space, the country’s present and future legislation does not specifically reference NFTs. The term “digital financial assets” (DFAs) was introduced by a law that took effect in January 2021 and covers cryptocurrencies and some tokens partially.

Also Read: DOJ Files First Criminal Complaint Against US Citizen Allegedly Using Cryptocurrency to Evade Sanctions

The Ministry of Finance proposed a new bill “On Digital Currency” in February, which is expected to be adopted this year. Its purpose is to close any remaining regulatory gaps in the country’s legislation. The federal government in Moscow has already backed it, although the Russian Central Bank stays opposed to the adoption of cryptocurrencies like bitcoin.

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