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The U.S. Treasury Department has identified significant risks associated with nonfungible tokens (NFTs), including high susceptibility to fraud, scams, and theft. In one of its first reports on NFTs, released on Wednesday, the Treasury highlighted the need for stronger regulatory measures to combat money laundering and sanctions evasion on NFT platforms. The department urged regulators to consider new guidance or rules aimed at curbing financial risks from NFTs.
[THE BLOCK] US Treasury says NFTs are prone to fraud and scams, recommends rules and guidance to provide clarity
US Treasury says NFTs are prone to fraud and scams, recommends rules and guidance to provide clarity https://t.co/bIU1typIeR
🚨 In one of its first reports on #NFTs, the U.S. Treasury identifies significant risks, including high susceptibility to fraud, scams, and theft. The assessment urges stronger regulatory measures to combat money laundering and sanctions evasion on #NFT platforms.
