The US treasury targets NFTs for probable lofty-price art businesses vulnerable to currency laundering

February 7, 2022

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The U.S Department of the Treasury published a case study on the great value art market, focusing on the ability in the non-fungible tokens (NFT) room to perform unlawful currency laundering or terrorise the financing projects. The main concern raised regarding the use of art as an enterprise or financial aid may lead to high-value art exchanges susceptible to money laundering.

The study highlights the significance of NFTs in portraying possession of the digital and material estate that is regulated through the contracts and digital pockets. And, the study also focuses on the fact that the cost of NFTs is fixed by the market but consumers and dealers. According to U.S officials, at the beginning of 2021, the need for NFTs produced $1.5 billion in trading and thrived 2,627 per cent over the last quarter. Nevertheless, the sole value of NFTs in 2020 was prized to $20 billion. It was quite obvious that the crimes considering the purchase and sale of NFTs with illicit funds will increase with no evidence to charge.

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