In Russia’s State Duma, a законопроект proposing changes to the Civil Code that codify the concept of a non-fungible token (NFT) has been registered.
The bill would expand the scope of protectable intellectual property assets in the form of NFTs.
They propose to define it 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 on a distributed ledger.”
The initiative aims to anchor the concept of such tokens in law and to provide protection for their owners, the explanatory note says:
“NFT should not be classified as digital currencies, as they are digital certificates of ownership, i.e., objects of intellectual property.”
The authors of the bill believe that its adoption will ensure the application of IP-protection norms to NFTs.
Earlier, a bill on mining in the Russian Federation on mining in the Russian Federation. Also, the Ministry of Finance is drafting a document ‘On Digital Currency’, regulating the turnover and issuance of cryptocurrencies within the Russian Federation, and the activities of exchanges and exchangers.
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