NFT version of draft law will be auctioned in St. Petersburg

The document proposes recognizing non-fungible tokens as intellectual property

28.05.2022 - 10:00

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What’s new? A Russian draft law to recognize NFTs as intellectual property will be put up for sale in the form of a non-fungible token. The charity auction will take place during the St. Petersburg International Economic Forum (SPIEF) on June 16, 2022. According to a statement from the Roscongress Foundation, the initiative to sell an NFT version of the draft law will be the first of its kind in the world.

Announcement by Roscongress

What is known about the draft law? The document was submitted for consideration to the State Duma on May 19, 2022. It was drafted by the “New People” party’s deputies Anton Tkachev and Vladislav Davankov. It proposes introducing the concept of “NFT tokens” into Russian legislation and protecting the rights of digital asset holders.

The document defines 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 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, provided they register as an individual entrepreneur or self-employed person. In May, the draft law was amended to remove provisions on the creation of a register and tax amnesty for miners.

In early February, a house in Gulfport, USA, went up for online auction as an NFT. The non-fungible token represents documents confirming ownership of the property.

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