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NFTs win, DeFi loses, rest remains unchanged -Breaking

by Mike Robinson

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Financial Action Task Force The long-awaited guidance has been releasedOn virtual assets, the guidelines establish standards which have the potential of reshaping the crypto industry both in America and worldwide. 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 financing (DeFi), nonfungible tokens (NFTs) and crypto-decentralized finance (DeFi). This guidance follows the U.S. regulatory approach to stablecoins and decentralized finance (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.’s chief compliance officer is Jorge, who serves as general counsel. This company develops blockchain-based open-source software. Jorge gained extensive legal experience advising cryptocurrency exchanges, financial institutions and technology companies before joining Tacen.

John BugnackiJohn serves as Tacen Inc’s policy leader and law clerk. He is an expert in governance, security, and development. His research has focused on how history intersects with economics, politics, and other disciplines to create effective dialogue, analysis, and engagement.