The European Union intends to oblige NFT platforms to comply with the law on money laundering

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Against the backdrop of a global tightening of NFT regulation, MEPs are proposing to identify and track suspicious transactions with non-fungible tokens.

Members of the European Parliament have updated the draft law on the supervision of cryptocurrencies.If approved, the provisions on combating illegal money laundering and terrorist financing (AML) will fall into thenon-fungible token (NFT) trading platforms .Greenpeace and socialist parliamentarians, they believe that non-custodial crypto wallets, decentralized organizations (DAOs) and decentralized financial systems (DeFi) should be controlled by the European Union.The bill states that these requirements are quite appropriate for the current state of the cryptocurrency market.

"Founders of NFT projects should adequately assess the possible risks of using their resources for terrorist financing and/or money laundering.It is necessary to take this into account before launching the site and take all necessary measures to counteract," they noteAuthors of the document.

If the bill is approved, it will forceplatforms like OpenSea can identify and track suspicious transactions in a similar way to banks and exchanges.This can bring serious costs and discomfort for NFT merchants and collectors. 

Recall that last week, the EU agreed on new regulations on the control of crypto transactions.The new law only covers large transfers between accounts registered to the same IP and exchanges.

Not only the European Union, but also the Chinese authorities are concerned about the multiple growth of the non-fungible token market and intend to take it under strict supervision.Vice Chairman of the Financial Services Commission (FSC) of South Korea Doh Kyu-sang said that the government is already preparingAmendments to the legislation.Amendments allow taxation of income fromNFT trading.