In the EU NFT platforms may be subject to AML regulations

On Monday, July 4, lawmakers in the European Parliament introduced amendments to the legislative regulation of digital assets. If they are adopted, not only exchanges, but also trading platforms in the field of NFT will fall under the standards of anti-money laundering policy.

The project is supported by the Greens and socialists. According to them, non-hosting wallets, DAO and DeFi-projects should also be under EU control. Otherwise, the policy will be ineffective.

As a reminder, last week the EU agreed to new regulations to control crypto-transactions. Fortunately, the community’s fears were not borne out. The new law only covers large transfers between accounts registered to a single IP and exchanges.

But the new amendments could change that. This is how one of the authors described the expediency of adding to the law:

“The founders of these projects should adequately assess the possible risks of using their resources to finance terrorism and/or money laundering. They should take this into account before launching a site and take all necessary measures to counter this.”

Adoption of the amendments will oblige platforms such as OpenSea to carefully check personal data and monitor suspicious transactions on a par with banks and stock exchanges.

In practice, this will result in additional costs and inconvenience for users. And time will tell whether there will be a positive effect from more stringent measures.

Adam Spencer

Written by Adam Spencer

Author of the section "NFT".

A digital artist who releases his artwork under a pseudonym that is not disclosed on this site. Since childhood is fond of drawing and sculpture. A graduate of the Academy of Fine Arts. Passionate about both the creation of art and its history.

Has not passed him by and modern technology. He makes his works on the computer using a tablet. Master of Photoshop, Illustrator, 3ds Max and other less common specialized programs for designers and artists.

Got interested in NFT back in 2020, even before its popularity peaked. Believes NFT is a great technology that allows little-known artists to show their work to the world.

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