Article from: NFT Now
European Union (EU) negotiators are meeting this week in an attempt to finalize a broad range of rules related to crypto and NFTs. Specifically, the new regulations are aimed at combatting money laundering and could establish an authorization regime for crypto service providers.
Notably, these rules could force people who create non-fungible tokens (NFTs) to centralize and register with governments. According to the documents, this means that an NFT creator would need to be “a legal person rather than a decentralized entity.” As a result, they would have to register their information with the authorities and comply with other consumer-protection measures set out in the law.
There are some topics left to cover during discussions that may prove to benefit the NFT community as a whole, though. For instance, talks on the Markets in Crypto Assets Regulation (MiCA) continue until June 30. The document ultimately notefs that the new rules would “significantly broaden the scope of the MiCA regulation” beyond its existing focus on cryptocurrencies and into NFT assets from the world of art, entertainment, and gaming, the document said.
The post Talks This Week May Decide the Future of NFTs in the EU appeared first on nft now.
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Article from: NFT Now
