U.S. Treasury Recommends Stricter Rules
“The report determines that illicit actors can use NFTs to launder proceeds from predicate crimes, often in combination with other methods to obfuscate the illicit source of proceeds of crime,” the Treasury said.
The Treasury additionally famous that many NFT platforms should not have enough controls to stop cash laundering and sanctions evasion and recommends that stricter rules be utilized to NFTs and the platforms that commerce them to mitigate these dangers.
This evaluation contrasts with a U.S. authorities examine from March, which discovered that no new laws was wanted to handle copyright and trademark points within the NFT house. The Treasury’s present analysis, nevertheless, focuses on monetary vulnerabilities.
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