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NFTs win, DeFi loses, rest remains unchanged -Breaking

by Mike Robinson

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Financial Action Task Force (FATF). The long-awaited guidance has been releasedregarding virtual assets and establishing standards which have the potential for reshaping the crypto industry both in the United States of America as well around the globe. This guidance addresses the biggest challenge facing the crypto industry, which is to convince legislators, regulators, and the general public that it doesn’t facilitate money laundering.

It is particularly focused on the sections of the cryptocurrency industry that have caused significant regulatory uncertainty recently, such as stablecoins, Decentralized Finance (DeFi), non-fungible tokens(NFTs), etc. It follows the U.S. regulators’ approach toward stablecoins, and DeFi. Positive news for the industry is that the FATF appears to be more accommodating towards NFTs. It also arguably requires a presumption NFTs don’t constitute virtual assets. The guidance, however, opens the door for members to regulate NFTs if they are used for “investment purposes.” We expect this guidance to add fuel to the NFT rally that has been underway for the majority of 2021.

Jorge PesokTacen Inc. is a world-renowned software company, which develops open-source and blockchain-based software. Jorge serves as chief compliance officer and general counsel. Jorge has extensive experience in advising financial institutions, exchanges, technology companies and cryptocurrency exchanges before joining Tacen.

John BugnackiJohn acts as Tacen Inc.’s policy director and law clerk. John has extensive knowledge in the areas of governance, security, development and international relations. His research has focused on how history intersects with economics, politics, and other disciplines to create effective dialogue and engagement.