US Ministry of Finance warns that NFTS could represent new illegal financial risks-
US Ministry of Finance warns that NFTS could represent new illegal financial risks-
The US Ministry of Finance has warned that there could be no fungible tokens (NFTS) new illegal financial risks. According to industry estimates, the NFT market could reach $ 35 billion in 2022 and more than $ 80 billion by 2025.
The US Ministry of Finance announced on Friday that a “study of illegal financing on the market for high-quality art” announced on Friday. The study was commissioned by the Congress in the law to combat money laundering from 2020. "This study examined art market participants and sectors of the high-quality art market that could represent money laundering and terrorist financing risks for the US financial system," wrote the Ministry of Finance and added: The emerging digital art market, such as the use of non -fungible tokens (NFTS), can hide new risks depending on the structure and market incentives. In order to combat the risks, the study recommends several options, including the updating of training for law enforcement authorities and customs authorities, the improvement of the exchange of information in the private sector and the application of requirements for combating money laundering and terrorist financing to certain participants in the art market. According to Dappradar, the sales volume from NFT in 2021 was $ 24.9 billion, compared to $ 94.9 million in the previous year. Jefferies's analysts estimated that the market for 2022 could reach $ 35 billion and by 2025 more than $ 80 billion. The increasing popularity of NFTS attributed fraudsters and triggered concerns among the supervisory authorities. "Sprints that promise big returns on cryptocurrencies and NFTS, flood the Internet," warned TK Keen, administrator of the Department of Financial Regulation of the US state of Oregon, in January. "Investors who want to buy cryptocurrencies and NFTs should do their homework to ensure that they understand these investments and their risks completely before they get involved."
What do you think of the warning of the Ministry of Finance before NFTS? Let us know in the comment area below. Bedy verification : Shutterstock, Pixabay, WikiCommons nfts can represent illegal financing risks
