EU to Extend its AML Standards to NFT Platforms
Main page News, European Union, NFT
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5 July

As follows from proposed amendments to current legislation, MEPs believe the decentralized financial sector, including NFT platforms, should be subject to EU anti-money laundering laws.

Representatives of the European Green Party and the Socialists, who have made the amendments, have stressed decentralized organizations or DeFi platforms should be subject to AML/CFT procedures, "regardless of their identification as DAO or DeFi."

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According to them:

"Developers, owners or operators should assess risks of money laundering and terrorist assessments before launching or using a software or platform and take appropriate measures in order to mitigate money laundering and terrorist financing risks in an ongoing and forward-looking manner."

Lawmakers have also proposed including wallets that are not managed by any regulated service provider.

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The changes could also affect NFT platforms that act as intermediaries for the trading of assets "that represent ownership of a unique digital or physical asset, including works of art, real estate, digital collectibles and gaming items and any other valuable."

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