16:55, 2 June 2022 Page views 818 views

Draft law on NFT Concept submitted to State Duma

(no votes)

Deputies of the New People faction Vladislav Davankov and Anton Tkachev submitted a bill on codifying the NFT concept to the State Duma, TASS reports.

It is proposed to recognize NFTs as “a non-fungible token of a unique digital asset in the form of non-fungible data stored in a distributed ledger system” and to formalize this term in legislation.

“The rights of NFT owners need to be protected. Now, this concept does not exist in Russia’s legal environment at all, and people continue to make transactions with NFTs at their own risk and peril. As for cryptocurrencies, things are about to get rolling. Meanwhile, 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 NFT as intellectual property,” Anton Tkachev said.

A non-fungible token (NFT) is a blockchain based digital certificate that confirms the right of ownership of a virtual asset. The NFT is unique and cannot be counterfeited or replaced with another one. NFT technology was created in 2017.