Russia’s Parliament Set To Protect Rights of NFT Owners

Russian lawmakers have drafted a bill that will see the introduction of the term non-fungible tokens (NFTs) to Russian legislation. According to the draft authors, the bill is set to protect the rights of those that own NFTs. At the moment, NFT owners are dealing with them at their own risk, but the draft, when passed into law, will offer complete protection for such holders.

Russian Parliament To Legally Define NFTs

Duma, the Russian lower house of Parliament, has drafted a bill that will add the term, NFT-tokens” into the Civil Code of the Russian Federation. The sponsors of the bill, Anton Tkachev, and Vladislav Davankov said the rights of the NFT owners need to be protected.

The bill aims at recognizing NFT-tokens as non-fungible tokens of distinct digital assets (videos, images, and other contents) as non-fungible data stored in distributed ledger system.

Tkachev stated that the legal side of the NFT is non-existent in Russian law, but the lawmakers are trying to change it, to prevent people from making transactions in NFTs at their own risk.

While cryptocurrencies are increasingly being recognized and popularized, NFTs are still probably new to people. They are not digital currencies, but digital certificates of ownership, taken as objects of intellectual property. The lawmakers noted that the rights of the owners of these digital certificates need to be protected if the government plans to move the NFT industry forward in the country.

Russia Wants To Provide Standard Crypto Regulatory Framework

Russian authorities have taken steps to regulate the crypto market. However, the country’s present and upcoming legislation don’t have any provision for NFTs. The digital financial assets (DFAs) laws which were introduced in January 2021, partially cover crypto assets and some types of tokens.

And in February this year, a new bill on digital currency was submitted by the Ministry of Finance, and it’s expected to be adopted this year. The new bill is meant to cover up the remaining regulatory gaps in Russia’s legislation. The federal government has thrown its weight behind the bill while Russia’s Central Bank is still against the legalization of crypto assets like Bitcoin.

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