FAFT changes the definition of DeFi˙NFT in guidelines
“I’m paying attention to DeFi” NFT
Misleading terminology changes in guidelines
The global anti-money laundering organization has changed the definition of non-replaceable tokens (NFT) and decentralized finance (Defi) through draft guidelines.
According to CoinDesk on March 21, 2021, regulations by institutions will be in full swing as the terms of innovative technologies in cryptocurrencies such as NFT and DeFi are changed in the draft guidelines released by the International Money Laundering Agency (FATF) on the 19th It is a prospect.
The guidelines not only clarify the phrase about the’decentralized exchange (DEX)’ that supports the DeFi platform and apps, but also changed the definition of’NFT’, which has recently gained explosive popularity.
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Siân Jones, senior researcher at XRegg Consulting, said, “In the light of the current NFT craze, the word’replaceable asset’, which has an important meaning, has been changed to the word’convertible and interchangeable asset.’ “It’s done,” he said.
“NFTs that could be converted or exchanged for fiat currency or other virtual assets were already in regulatory coverage,” said Xian. I replaced it,” he explained.
In a blog post summarizing the key points of the new guidance, blockchain analyst CipherTrace said, “The FATF has concluded that the only NFTs that can promote money laundering and financial terrorism are’virtual assets’.”
“Some NFTs, which don’t initially appear to be virtual assets, can be transferred or exchanged in value, and may be virtual assets due to secondary markets that can support money laundering, terrorist financing, and weapons of mass destruction financing,” Cypertrace explains. did.
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