Draft law on the legalization of NFTs submitted to Russia’s State Duma

The document is intended to protect holders of non-fungible tokens

20.05.2022 - 08:00

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What’s new? Deputies from the “New People” party Anton Tkachev and Vladislav Davankov have submitted a draft law on NFTs to the State Duma. It proposes introducing the concept of “NFT tokens” into Russian legislation and protecting the rights of digital asset holders. Tkachev noted that “things have moved forward” with cryptocurrencies, but NFTs are not a digital currency, but a certificate of ownership. This means that digital tokens are an object of intellectual property and should be regulated accordingly. This was reported by the TASS news agency, citing the press service of the “New People” faction.

Material by TASS

More details about the draft law. Anton Tkachev believes that the document will protect NFT holders. According to the deputy, this concept is absent in the Russian legal framework, while people continue to make transactions with NFT tokens “at their own risk.” The draft law proposes to recognize NFT as “a non-fungible token of a unique digital asset (images, video or other digital content or asset) in the form of non-fungible data stored in a distributed ledger system (blockchain system).”

What events happened before? On April 29, deputies from the “New People” party submitted the draft law “On Mining in the Russian Federation” to the State Duma. According to the document, individuals would be allowed to engage in cryptocurrency mining, subject to registration as an individual entrepreneur or self-employed person.

In May, the State Duma passed the first reading of the draft law on the introduction of taxation of transactions with digital financial assets (DFAs). According to the document, the tax base for transactions with DFAs is defined as the difference between the sale and purchase price, including taxes.

On May 18, the head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov said that cryptocurrencies would be legalized as a means of payment in Russia. He did not give exact dates, but noted that it “will happen sooner or later.”

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