DeFi and NFT

Anti-money laundering law: DeFi and NFT involved

29 March 2023

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DeFi and NFTs will be regulate by the EU Commission to combat money laundering.

The new law will force NFT, DeFi and DAO platforms to comply with “direct or indirect” controls performed by new “natural and legal persons”.

If the regulation were to pass officially, credit institutions will have to apply new measures for transactions exceeding 1,000 euros, prohibiting business relationships with unauthorized entities. The restrictions would affect commercial payments in crypto, with new rules to be imposed on merchants who accept these services.

The crypto industry is concerned that the new law could hamper the innovation process.

SOURCE: The Crypto Gateway

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