LEGAL NATURE OF THE TRANSACTION OBJECT: HOW SHOULD A NOTARY IDENTIFY AND DESCRIBE THE SUBJECT MATTER OF A TRANSACTION (TOKEN, NFT, CRYPTOCURRENCY) IN THE NOTARIAL INSCRIPTION AND CONTRACT

Abstract

This article addresses the pressing issue of defining the legal nature and practical description of new types of civil law objects - tokens, NFTs (non-fungible tokens), and cryptocurrency - in notarized transactions. The author analyzes the existing legal framework of the Russian Federation, including provisions of the Civil Code and Federal Law No. 259-FZ dated July 31, 2020 “On Digital Financial Assets, Digital Currency, and Amendments to Certain Legislative Acts of the Russian Federation”. The focus is on the challenges faced by notaries in identifying the unique characteristics of these digital assets to unambiguously define them as the subject matter of the transaction in the contract and notarial inscription. The article proposes practical recommendations for formulating descriptions of such objects, considering the requirements of notarial law and the principle of legal certainty. Risks associated with incorrect description of the transaction’s subject matter are examined, along with ways to mitigate them. The conclusion highlights the need for developing unified methodological approaches and potential avenues for legislative improvement.