Russian government intends to bring NFT market into legislative framework

Proposed legislative amendments as regards the circulation of NFT in Russia were discussed at a meeting of the working group on legal regulation, Kommersant reports.

The meeting admitted that the current laws in their present form are not clear enough to properly construe the matters of issuing, circulation and regulation of NFT. In order to remedy the situation, changes are proposed to the Civil Code of the Russian Federation and the Federal Law “On digital financial assets” among others.

The Economy Ministry emphasizes that the NFT market is not regulated by the state now.  For this reason, fraud and digital wallets hacks are not uncommon, the Ministry explains.

A bill on the legislative definition of the NFT technology was sent to the State Duma in May. The authors of the initiative believe that it will protect the originators and owners of virtual property against online fraud.

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