The State Duma of the Russian Federation registered a bill that establishes the concept of a non-exchangeable Token (NFT)

The State Duma of the Russian Federation registered a bill that establishes the concept of a non-exchangeable Token (NFT)

The document makes changes in terms of expanding the list of protected intellectual property in the form of NFT.

NFT is proposed to be defined as “a non-interchangeable token of a unique digital asset (images, video or other digital content or asset) in the form of non-interchangeable data stored in a distributed registry system”.

EXPLANATORY NOTE
to the Draft Federal Law “On Amendments to Article 1225 of Part Four of the Civil Code of the Russian Federation” (as regards extension of the list of protected intellectual property in the form of non-exchangeable Tokens)

The Draft Federal Law “On Amendments to Article 1225 Part Four of the Civil Code of the Russian Federation” (with regard to expansion of the list of the protected results of intellectual activities in the form of non-exchangeable tokens) was developed in order to introduce the term “non-exchangeable tokens” and to protect the right holders of such Tokens.

At present, Russian legislation does not specify the status of non-interchangeable tokens (hereinafter – NFT-Tokens). At the same time, it is incorrect to refer NFT-Tokens to digital currencies because they are digital certificates of ownership, i.e., they are intellectual property objects, as they are the result of human intellectual activity.

Given the technological features of the Internet, there are questions about the proper legal protection of the exclusive rights to created NFT-Tokens from the right holders. Due to the fact that NFT is not regulated by the state, the NFT market faces a wide range of problems: from fraud and infringement of exclusive rights of right holders to the hacking of Cryptocurrencies.

In this regard, the bill proposes to recognize NFT-Tokens as “a non-exchangeable Token of a unique digital asset (images, video or other digital content or asset) in the form of non-exchangeable data stored in a distributed registry system (Blockchain system)” and to fix this term in Article 1225 of the Civil Code. Thus, the legislation in the field of intellectual property protection will apply to NFT-Tokens and will allow to protect their right holders.

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Written by Kannnaf Mysterious
I am a very innovation-dependent form of life. I'm smart, but I don't wear glasses. I solve the Rubik's Cube in less than a minute. Probably the best beggy cryptomaniac in the world and my hobby is to start the day thinking that bitcoin will rise to $100k. To The Moon!
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