Draft law on NFT submitted to State Duma

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Registered in the State Duma of the Russian Federation bill on amendments to the Civil Code, fixing the concept of a non-fungible token (NFT).

The document introduces changes in terms of expanding the list of protected results of intellectual activity in the form of NFTs.

The latter propose to designate as “a non-fungible token of a unique digital asset (images, videos or other digital content or asset) in the form of non-fungible data stored in a distributed ledger system.”

The initiative is aimed at enshrining the concept of such tokens in the legislation and ensuring the protection of their owners, the explanatory note says:

“NFTs are incorrectly classified as digital currencies, since they are digital certificates of ownership, that is, they are objects of intellectual property.”

The authors of the bill believe that its adoption will ensure the application of legislative norms in the field of intellectual property protection in relation to NFTs.

Earlier, a draft law on mining in the Russian Federation was submitted to the State Duma. The Ministry of Finance is also developing a document “On Digital Currency”, which regulates the circulation and issue of cryptocurrencies in the Russian Federation, the activities of exchanges and exchangers.

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Source: Cryptocurrency

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