What measures should NFT companies or NFTs put in place to become AML compliant? And is it worth the trouble?
As legislators sharpen their pencils, NFT marketplaces and businesses are bound to be met with AML compliance requirements and the need to build AML infrastructure.
I believe that the question that troubles many is should NFT marketplaces become decentralized.
I am aware that NFTs are a key part of many industries today, and there are plenty of uses for NFTs, from my personal experience I am using them in games and the ReelStar project is currently my fav since it offers plenty of opportunities for artists.
Despite the crypto universe’s love for decentralization, a centralized marketplace can effectively become a legal entity.
By becoming a legal entity, NFT marketplaces make it easier to both earn user trust and attract investors.
While not operating as one, however, they can avoid compliance which is why when/if picking an AML regime, these businesses should seriously ponder over the next point.
But there are so many important questions without answers, how will NFT sales deal with different jurisdictions, or what anti-money laundering measures should NFT companies have?
What do you think will be the closure?