Russia proposes to implement a separate regulation of NFTs

CSR noted that the existing rules limit and inaccurately define the functionality of non-fungible tokens

13.09.2022 - 08:50

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What’s new? The Center for Strategic Research (CSR) of the Russian Federation has proposed a separate regulation of non-fungible tokens (NFTs), as well as persons who ensure the transfer of tokenized rights and make records of their accounting on the blockchain. The CSR stated that the existing legal definitions of NFT do not correctly describe the essence of the asset and limit its options. Vedomosti reports with reference to a CSR report, the organization also develops a set of rules for virtual items from metaverse and games with the Play-to-Earn model (P2E).

Vedomosti’s material

What else did the CSR suggest? The organization believes that ignoring the different types of NFTs can lead to incorrect legal practices. Therefore, for full compliance, it is necessary to change the article on digital rights in the Civil Code of the Russian Federation. The CSR believes that it should indicate that the concept of digital rights may cover assets that are not stipulated in the law.

Representatives of the Bank of Russia noted that they have not yet received this report. But in an interview with the publication, the representative of the regulator said that the regulation of certain types of NFTs will be elaborated with the participants of the financial market in the near future.

In July, the CSR proposed applying securities legislation to digital assets. According to the center’s representatives, many cryptocurrencies should be considered a special way of accounting for securities. Back then, the organization’s report already said that separate legislation was needed for NFTs.

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