The Ministry of Economy of the Russian Federation took up the issue of regulating the NFT market. Until the end of 2024, the ministry proposes to amend the Civil Code of the Russian Federation and the law on digital assets, as well as the federal project “Regulatory regulation of the digital environment”, in order to establish the legal status of NFTs. At the moment, the issuance of NFTs and their circulation is not regulated in Russia, and there is no protection for buyers and owners.

During the discussion, the initiative was generally supported. Meanwhile, the proposal may not be approved by other regulators. Deputy Director of the Department of Financial Technologies of the Central Bank Ekaterina Vikhareva recalled that the NFT issue is under the jurisdiction of the Ministry of Finance and the Central Bank. NFT experts have expressed concern that the regulation of the sphere can simplify the functionality of NFTs and reduce them to art.