The U.S. Treasury eyes NFT marketplace as a possible money laundering haven.
The U.S. Department of the Treasury released a study on the high-value art market, highlighting the potential in the nonfungible tokens space to conduct illicit money laundering or terror financing operations.
“The emerging online art market may present new risks, depending on the structure and incentives of certain activity in this sector of the market .”underlines the importance of NFTs in representing ownership of the digital and physical property that is managed and controlled via smart contracts and digital wallets.
However, the NFT market in 2020 alone was valued at more than $20 billion. The U.S. treasury suggested a possibility where criminals can purchase NFTs with illicit funds and resold to an unwary collector “who would compensate the criminal with clean funds not tied to a prior crime.” “Moreover, traditional industry participants, such as art auction houses or galleries, may not have the technical understanding of distributed ledger technology required to practice effective customer identification and verification in this space.”Brenda Gentry, a USAA mortgage underwriter turned crypto entrepreneur, recently shared how the cryptocurrency ecosystem offered her a fighting chance to overcome the generational curses of poverty.
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Treasury Department warns NFTs may be used money launderingHowever, Chainalysis reports the amount of illicit funds laundered through NFTs remains small compared to total crypto-based money laundering.
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