Russia is preparing to regulate NFTs through legislative amendments. Meanwhile, in one of the Arab Emirates, Dubai, the police themselves are launching their own NFTs and succeeding.
- Russia prepares law change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. to include NFT
- Seeks to regulate collectibles transactions
- Meanwhile, in Dubai, the police launch their NFT collection and it’s a success.
Russia has been carrying out different regulations related to cryptocurrencies, albeit a bit a bit is a basic unit of information in computing. messy, as many times the authorities contradict each other. A little over a week ago, the president Vladimir Putin signed a law restricting digital payments . Now the country is preparing to regulate the tokens no fungibles, NFT, through legislative amendments
Specifically, the Moscow Ministry of Economic Development plans to submit several amendments to the Civil Code the action of coding is to write programming statements for a program. and the law “On Digital Financial Assets” to regulate the NFT market an area or arena, online or offline, in which commercial dealings are conducted. in the Russian Federation. The news comes from a meeting of a special working group held at the ministry’s initiative.
During the discussions, participants provided legal definitions for digital collectibles and drafted necessary legislative changes, the media reported yesterday. Bits.media . The meeting was attended by representatives of the Central Bank of Russia (CBR) y Vkontakte, the leading Russian social network, which earlier this year announced intentions to introduce support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. y NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. on your platform.
The Bank of Russia, which holds a hardline stance on cryptocurrencies insists that the Ministry of Finance should not deal with issues related to the regulation of digital tokens. According to the monetary authority, these are within its competence and that of the Ministry of Finance. The regulator opposes the legalization of the circulation of cryptocurrencies such as Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. in Russia and its use for payments.
According to the account an account is essentially a whose purpose is to track the financial activities of a specific asset/ Bitcoin.com, For now the industry is waiting to see how the situation develops from here. Andrey Tugarin, managing partner of GMT Legal, shared his view that an incorrect definition of digital collectibles in Russian legislation could significantly reduce the scope of its application.
“The functionality of NFTs non-fungible token, a unique non-interchangeable piece of digital content that is stored on a distributed ledger (blockchain). is not limited to digital digital technologies are these electronic tools that have the ability to generate, store or even process data. art for long. They can act as tickets to events or as a way to secure ownership of virtual property and as collateral.” he pointed out.
In Dubai it’s a different story
And while the debate in Russia seems to be seeking to limit the NFT In one of the United Arab Emirates, specifically Dubai, the story is completely different. The NFT are so widely accepted that the Dubai Police will launch the second collection of NFT, since a first collection was very successful.
Months after launching its first collection, Dubai Police has said that it will launch the next collection at the 2022 edition ofThe Gulf Information Technology Expo (GITEX). People outside the country will also have the opportunity to own the next collection. NFT of the police.
Following the launch of its first collection, Dubai Police became the first government entity in the United Arab Emirates (UAE), and one of the first in the world, to mint NFTs. Since then, the law enforcement agency says it has received more than 7,000 messages from people interested in the tokens.
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