The Treasury's "Study into Facilitating Money Laundering and Terrorist Financing Through the Art Trade" suggests that the growing use of art as an investment or financial asset could make the high-value art trade vulnerable to money laundering:
"The emerging online art market may present new risks, depending on the structure and incentives of certain activity in this sector of the market (i.e. the purchase of NFTs, digital units on an underlying blockchain that may represent ownership of a digital work of art)."
The study underscores the importance of NFTs in representing ownership of digital and physical assets that are managed and controlled through smart contracts and digital wallets.
NFT Laundering
Laundering Art
Art NFT
Loading
Comments