What does the Treasury's concern about NFTs' potential for money laundering mean for the industry?
to the “Emerging Digital Art Market,” by which the department understands the market for nonfungible tokens, or NFTs. Still, even a brief mention of the emerging NFT space in this context can have major implications for the tone of the nascent regulatory debate with regard to the asset class.
voiced earlier in October 2021 that nonfungible tokens are not to be viewed as “virtual assets,” but rather “would be covered by the FATF standards as that type of financial asset.” The FATF guidance, however, left all kinds of doors open by stating that “countries should [...] consider the application of the FATF standards to NFTs on a case-by-case basis.”
Another major NFT-related focus of the Treasury’s report is the money laundering potential of the asset class. The authors argue that NFTs’ main advantage for money launderers is the lack of the need to move digital art objects physically, meaning that there are no “financial, regulatory, or investigative costs of physical shipment.” The connection between the ability to avoid physical shipment of an object and its money-laundering vulnerability is not exactly convincing, though.
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