NFTs and compliance: Why we need to be having this conversation
With the huge growth in the NFT industry, the time is right to take a look at NFTs from a compliance and regulatory perspective. “Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws.” — PlatoThe above quote has withstood the test of time. Across industries, markets, communities and ideas, people ultimately will find a way to either do good or at worse, wrong. Nonfungible tokens (NFTs) and crypto are certainly no exception to the rule. The industry is exploding — overflowing even — with endless drops, jaw-dropping floor prices and....
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Over the last few months, the non-fungible token (NFT) space has heated up and NFTs have become a topical conversation in the cryptocurrency community. Many supporters believe that NFTs are going to be huge and transform everything from the art industry to online gaming. Others believe that NFTs are completely worthless and nothing more than the hype seen during the initial coin offering (ICO) phase in 2017. Non-Fungible Token Assets and Reliable Immutability Data shows that to-date, more than 5.3 million non-fungible token (NFT) asset sales have been recorded on nonfungible.com’s....
Digital currency trading platform Atlas ATS has partnered up with Strevus, Inc., a company specializing in compliance lifecycle management solutions for financial service institutions to help out Atlas's institutional clients be in compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. In April, Strevus expanded their business model to encompass bitcoin and digital currencies. "The single biggest barrier to the institutional adoption of cryptocurrency is the conflict between the pseudonymous nature of the transacting counterparties and the regulatory....
Bored Ape Yacht Club dominates the conversation in NFTs often, and that didn’t change this week with the release of the project’s first ever token, ApeCoin. Meanwhile, Zuckerberg releases a quick forward-looking statement around NFTs on Instagram, and YouTube sensation Dr. Disrespect is bringing NFTs to gaming. We’re here with another episode of the Nutshell, […]
Nonfungible tokens would be problematic without the validation and verification of copyright ownership in the NFT-minting process. Everyone is wild about nonfungible tokens (NFTs). The first half of 2021 alone saw NFTs from Andy Warhol, NFTs of the code for the World Wide Web, the first-ever Tweet and, of course, the famous $69 million NFT sale of Beeple’s “Everydays.” Whether this explosive rise of NFTs is a flash in the pan or the future of art and beyond is a hot topic of conversation. An emerging theme from that conversation is whether NFTs have a copyright problem. Copyright is....
At VAF Compliance a team of experts is ready to help with all of your virtual assets compliance needs. Connect with VAF today; the leading virtual assets compliance company serving the Middle East and customers worldwide. What Is VAF Compliance? The crypto, NFT and metaverse spaces are hot and buzzing, with innovative products launched almost daily. Whilst having an industry swept with technological advancements is good, it is also necessary to ensure that the digital assets and the teams behind them are compliant. Being compliant in this sector means that organizations and investors can....