The deputy suggested NFT-marketplaces to open representations in the Russian Federation

Perhaps NFT marketplaces will appear in Russia

The largest NFT marketplaces must open their representative offices in the Russian Federation for legal work in the country. Anton Gorelkin, Deputy Chairman of the State Duma Committee on Information Policy, Information Technology and Communications, announced this on his Telegram channel.

In the current Russian legislation, the concept of a “non-fungible token” is absent. The term “token” appears in the law “On Digital Financial Assets”. However, according to the deputy, its description “does not even formally correspond to those NFTs that are now traded on marketplaces.”

“At the same time, according to many lawyers, non-fungible tokens cannot be called either securities or digital currency. In fact, their definition is closer to “digital certificates of ownership,” Gorelkin wrote.

He added that at the moment the legal status of NFTs is determined solely by the rules of the platform that issues it. At the same time, in January 2022, the volume of trading in non-fungible tokens reached $6.86 billion, so the Russian authorities cannot ignore this market segment and must develop its regulation.

“I believe that, as in the case of cryptocurrency exchanges, the largest NFT marketplaces should fall under the law “on landing” – this is the only way the state can protect the rights of Russian owners of expensive NFTs in case of disputes,” the deputy noted.

As a reminder, in September 2021, the State Hermitage Museum sold tokens of paintings from its own collection for over 32 million rubles through the Binance NFT marketplace.

Earlier, representatives of large exchanges informed ForkLog about their readiness to open branches in the territory of the Russian Federation, provided that this would contribute to the convenience of users and the security of operations.

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