{"id":12455,"date":"2022-05-21T19:51:51","date_gmt":"2022-05-21T19:51:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/draft-law-about-nfts-submitted-to-russian-parliament-regulation-bitcoin-news\/"},"modified":"2022-05-21T19:51:51","modified_gmt":"2022-05-21T19:51:51","slug":"draft-law-about-nfts-submitted-to-russian-parliament-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/draft-law-about-nfts-submitted-to-russian-parliament-regulation-bitcoin-news\/","title":{"rendered":"Draft Law About NFTs Submitted to Russian Parliament \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Lawmakers have filed a bill with the State Duma aimed at introducing the term NFTs to 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.<\/strong><\/p>\n

Russian Deputies Propose Amendments Legally Defining NFTs<\/h2>\n

Members of the lower house of Russian parliament, the Duma, have put forward a draft law that will incorporate the term \u201cNFT-tokens\u201d into the Civil Code of the Russian Federation. The sponsors of the bill, Vladislav Davankov and Anton Tkachev, are from the parliamentary group of the liberal New People party.<\/p>\n

The explanatory note to the bill, Tass news agency reported, states that the initiative aims to \u201crecognize 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).\u201d<\/p>\n

\u201cWe need to protect the rights of NFT owners,\u201d said Tkachev, quoted by the party\u2019s press service. He pointed out that at present the legal concept of non-fungible tokens does not exist in Russian law and people continue to make transactions with NFT tokens at their own risk. He further elaborated:<\/p>\n

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Things have moved forward with cryptocurrencies, but an NFT is not a digital currency but a digital certificate of ownership, that is, an object of intellectual property, which is why we propose to regulate NFTs as intellectual property.<\/p>\n<\/blockquote>\n

While Russian authorities have been taking steps to comprehensively regulate the country\u2019s crypto space, Russia\u2019s current and upcoming legislation does not explicitly mention NFTs<\/a>. The term digital financial assets (DFAs), introduced with a law which went into force in January 2021, partially covers cryptocurrencies and some types of tokens.<\/p>\n

A new bill \u201cOn Digital Currency,\u201d which was submitted<\/a> 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\u2019s legislation. It has already won the support of the federal government in Moscow, while the Central Bank of Russia remains opposed<\/a> to the legalization of cryptocurrencies like bitcoin.<\/p>\n

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Do you think the State Duma will approve the new legislation for non-fungible tokens? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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