Ministry Of Economy Of The Russian Federation Plans To Regulate NFT

According to some media reports, the Ministry of Economic Development of the Russian Federation wants to amend the law “On Digital Financial Assets” to protect NFT buyers.

This idea was initiated by representatives of VKontakte, the Bank of Russia, and the Ministry of Economy. In addition, the Ministry of Economy wants to change the federal project “Regulatory regulation of the digital environment.” 

The Ministry of Economy hastened to ensure that the law’s amendments aim to protect the interests of NFT holders. 

Ekaterina Vikhareva, Deputy Director of the Financial Technologies Department of the Central Bank, said that the regulation of the NFT market is within the competence of the Ministry of Finance of the Russian Federation and the Central Bank, adding that VKontakte and the Ministry of Economy do not have such powers. By the way, the Ministry of Finance of the Russian Federation is not currently considering the issue of NFT regulation.

At the beginning of this year, the State Duma already raised the issue of regulating NFTs. Then Anton Gorelkin, Deputy Chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications, emphasized that the legal status of NFTs is still determined by the marketplaces where the tokens are placed. 

There is no clear concept of NFT in Russian legislation. The token should be defined as a “certificate of ownership,” adds Gorelkin. The deputy suggested trading platforms under the “landing” law so that NFT could be regulated. 

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