NFTs and compliance: Why This Conversation is Important for Us Now and What Lies Behind It?
The world has witnessed huge growth in the NFT industry. But the more the growth the less the compliance and regulatory concerns by the community. Many industries are continuously falling prey to many bad practices and every
growing sector goes through the same thing. When it comes to NFTs, there are no exceptions either.
NFT sector is growing and attained $10.7 billion last year. But the sudden sanctions on 57 cryptocurrency addresses and one exchange by the Treasury Department Office of Foreign Assets Control (OFAC) were shocking. There were allegations of money laundering and ransomware.
Latvia-based exchange Chatex was held responsible for nefarious transactions related to illicit and high-risk activities. Since NFTs began to pop up everywhere these activities are getting common. Many see the digital world as responsible for igniting these activities.
Multiple dirty wallets are utilizing their money behind the curtain and compromising law and regulations for everyone.
Better Compliance Infrastructure
There is no doubt in having a better compliance infrastructure to avoid high-risk criminal