NFT Not To Be Confused With Cryptocurrencies In Russia – A Bill To Turn It All Around

Special treatment for NFT – While the cryptocurrencies I could it will soon become legal in Russia, legislators believe it is necessary to refine the regulatory framework for the sector. They want to explicitly include the non-fungible tokens (NFT). Their new bill therefore gives the latter a specific status.

NFT in the Russian Duma: distance from cryptocurrencies

Vladislav Davankov And Anton Tkachev they are members of the parliamentary group of the liberal New People party. The two deputies proposed a bill including the term “Token NFT” in the civil code of the country.

According to Anton Tkachev, this project would have the objective of protect the rights of NFT owners The parliamentarian stresses that the concept of non-fungible tokens currently does not exist in Russian law. The holders of NFT therefore carry out transactions at your own risk.

In the invoice, NFT tokens are recognized as:

“(…) Non-fungible tokens of unique digital assets (images, videos or other content) in the form of non-fungible data stored in a distributed accounting system (blockchain system). “

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Don’t confuse NFT and cryptocurrency

Anton Tkachev distinct cryptocurrencies non-fungible tokens. Acknowledges that cryptocurrency regulations have “Advanced”but indicates it“An NFT is not a digital currency, but a digital ownership certificate”.

NFTs are, in other words, “An object of intellectual property. This is why we propose to regulate NFTs as intellectual property. “.

What will be the implications of this law on NFTs? Will the latter, in fact, escape the tax regime applicable to financial activities in general and to cryptocurrencies in particular?

A specific regulations it can theoretically increase the adoption of NFTs in the country, provided it creates a favorable environment for their adoption. Will this bill really go in that direction?

If the bill is approved as is, the NFT would then be recognized as a subject of intellectual property, not as an asset like Bitcoin (BTC) or Ethereum (ETH). The spirit of this bill presents a similar logic – in part or in whole – to those of the decision of the High Court of Justice in London on NFTs. This was then decided by the Court non-fungible tokens represented “private property”.

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