Russia’s Moscow Ministry of Economic Development is planning to propose several amendments to the Civil Code and the Law on “Digital Financial Assets” to regulate the NFT market in the Russian Federation. The news comes from a meeting of a task force held on the initiative of the ministry. During the discussion, participants provided legal definitions for digital collectibles and drafted necessary legislative changes.
 

The meeting was attended by representatives of the Central Bank of Russia (CBR) and Russian social media network Vkontakte, which earlier this year announced its intention to introduce support measures for blockchain and NFTs on its platform. The Russian bank, known for its tough stance on cryptocurrencies, insists that the economy ministry should not deal with issues related to digital currency regulation. According to the monetary authority, these fall within its purview and that of the Ministry of Finance. Regulators are opposed to legalizing the circulation of cryptocurrencies such as bitcoin in Russia and using them for payments.