The EU Blockchain Observatory and Forum has published its thematic report on non-convertible tokens (NFTs). Among other things, it provides an overview of definitions, examines the history of NFTs, illustrates specific NFT use cases and discusses the NFT market and exchanges. The report indicates that the NFT market is not subject to KYC (know your customer) and AML (anti-money laundering and anti-terrorist financing) procedures. The EU Blockchain Observatory and Forum report identifies challenges and prospects for the future, and makes recommendations related to the European Commission’s proposed regulation on cryptoasset markets (MiCA) and already existing legislation aimed at anti-money laundering.
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