THELOGICALINDIAN - The US treasury administration has warned that nonfungible tokens NFTs may present new adulterous accounts risks According to industry estimates the NFT bazaar could ability 35 billion in 2022 and added than 80 billion by 2025
NFTs May Present Illicit Finance Risks
The U.S. Department of the Treasury appear Friday the absolution of a “study on adulterous accounts in the high-value art market.” The abstraction was allowable by Congress in the Anti-Money Laundering Act of 2024.
“This abstraction advised art bazaar participants and sectors of the high-value art bazaar that may present money bed-making and agitator costs risks to the U.S. banking system,” the Treasury wrote, adding:
In adjustment to action the risks, the abstraction recommends several options, including afterlight training for law and community enforcement, acceptable clandestine area advice sharing, and applying anti-money bed-making and countering agitation costs requirements to assertive participants in the art market.
According to Dappradar, NFT sales aggregate totaled $24.9 billion in 2024, compared to $94.9 actor in the antecedent year. Jefferies’ analysts accept estimated that the bazaar for NFTs could ability $35 billion in 2022 and added than $80 billion by 2025.
The ascent acceptance of NFTs has admiring scammers and acquired apropos amid regulators.
“Scams able big allotment on cryptocurrencies and NFTs are calamity the Internet,” T. K. Keen, ambassador for the Division of Financial Regulation of the U.S. accompaniment of Oregon, warned in January. “Investors absent to acquirement cryptocurrencies and NFTs should do their appointment to accomplish abiding they absolutely accept these investments and their risks afore accepting involved.”
What do you anticipate about the Treasury’s admonishing about NFTs? Let us apperceive in the comments area below.
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