The Ministry of Economy of the Russian Federation is preparing several amendments to the Civil Code and the law “On Digital Financial Assets”, which will allow regulating the NFT market in Russia.
Last week, a meeting of the working group on regulatory regulation was held at ANO Tsifrovaya ekonomika. As part of the discussion, definitions of non-fungible tokens and necessary amendments to the legislation were worked out. The meeting, held at the initiative of the Ministry of Economy, was attended by representatives of the Central Bank, big business and the VKontakte social network.
Now the legal framework of Russia does not clarify the process and the very possibility of issuing collection tokens, as well as issues of their regulation and circulation. Therefore, there is no clarity in the process of protecting buyers of such tokens and in the question: how to correlate NFT with intellectual property rights.
Representatives of the Ministry of Economy propose to amend the law “On Digital Financial Assets” to determine the legal status of NFTs, as well as to prescribe regulations for such tokens. The initiative, according to the publication, was received positively.
At the same time, the Central Bank believes that the Ministry of Economy should not touch on the issues of digital tokens – these are the competences of the Ministry of Finance and the Bank of Russia itself. NFT market participants are still waiting for the development of the situation. For example, Andrey Tugarin, managing partner at GMT Legal, believes that the incorrect definition of collection tokens in the legislation can narrow the scope of their application:
“The functionality of NFT is not limited to digital art for a long time. They can act both as tickets to events, and as a form of securing ownership of virtual property, and as a security.”
Recall that back in the spring of this year, a group of State Duma deputies submitted for consideration a law on determining the legal status of non-fungible tokens.
Source: Bits
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