Russia’s Ministry of Economy Proposed to Regulate the NFT Market by Law

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Russia’s Ministry of Economy is developing legislation to regulate the market of non-exchangeable tokens (NFTs). To protect buyers, it has proposed to amend the Civil Code (CC) of the Russian Federation and the law "On Digital Financial Assets".

Deputies of the "New People" party have already proposed to extend intellectual property protection legislation to NFTs. However, market participants are concerned that the proposed changes may narrow the functionality of the tokens.

Russia’s current legislation does not clarify the possibility of issuing NFTs, their regulation and circulation, as well as the protection of token buyers and the relationship of the latter with intellectual property rights. The Ministry of Economy wants to amend the Civil Code and the law "On Digital Financial Assets" and the "Regulatory Regulation of the Digital Environment" federal project by the end of 2024.

It is proposed to establish a legal status of NFTs, to clarify the possibility of issuing tokens, their regulation and circulation, protection of buyers of tokens from re-issuance and other concerns, clarified the Ministry of Economy to the “Kommersant” news outlet.

NFT market participants themselves are suspicious of the idea of changing NFT regulation.

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