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U.S. Treasury Recommends Stricter Regulations
“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 stated.
The Treasury also noted that many NFT platforms do not have adequate controls to prevent money laundering and sanctions evasion and recommends that stricter regulations be applied to NFTs and the platforms that trade them to mitigate these risks.
This assessment contrasts with a U.S. government study from March, which found that no new legislation was needed to address copyright and trademark issues in the NFT space. The Treasury’s current evaluation, however, focuses on financial vulnerabilities.
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