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Finally Some Regulations for NFTs? - Anti-Money Laundering Laws
There is no doubt that NFTs are surging in popularity around the world, and the price tag on some of these digital assets is sky-high. Where there’s money to be had, there is also the potential for some illicit activity.
Lawmakers in the EU parliament seem to share this sentiment and have called for the Anti-Money Laundering (AML) legislation to now also cover NFTs. There have been many rug pulls and NFT crypto scams since their rise in adoption, which is what the legislation is working to curb.
Read more: NFT Money Laundering
The amendment to the legislation will include, “crypto-asset service providers, trading or acting as intermediaries for importing, minting, sale and purchase of unique and not fungible crypto-assets that represent ownership of a unique digital or physical asset, including works of art, real estate, digital collectibles and gaming items and any other valuable,”.
However, we should still hold off on celebrations because in order for the amendment to officially pass, it needs to be approved by the Council of the European Union, European Commission and Parliament.
The European Parliament and the Council of the European Union have already reached an interim agreement on the Transfer of Funds Regulation or TFR. The agreement outlines the tracking of crypto transactions can be traced and, if necessary, blocked if they are suspected to be suspicious.
