EU legislators want anti-money laundering rules to include NFTs

A group of European Parliament members has proposed an amendment to the bloc's anti-money laundering (AML) legislation that would include provisions for non-fungible token (NFT) trading platforms.

The NFT amendment is part of a bigger package of recommendations filed by European legislators titled Preventing misuse of the financial system for money laundering or terrorism.

The idea was put forward by two green MEPs, Ernest Urtasun of Spain and Kira Marie Peter-Hansen of Denmark, as well as two socialist MEPs, Aurore Lalucq of France and Csaba Molnár of Hungary.

If this modification is included in the final version of the AML bill, NFT platforms will be considered "obliged enterprises" subject to its requirements.

According to the submitted provision, the four MPs want the EU to broaden the legislation's scope to include "crypto-asset service providers trading or acting as intermediaries for the importing, minting, sale, and purchase of unique and NFTs that represent ownership of a unique digital or physical asset." This includes works of art, real estate, digital collectibles, gaming items, and any other valuable item.

The Latest News