A legal expert in international affairs and technologies, thibverbiest, discusses the main challenges for the regulation of the nonfungible token space in Europe.
However, like its approach to DeFi, FATF emphasizes that regulators should “consider the nature of the NFT and its function in practice, not the terminology or marketing terms used.” In particular, FATF argues that NFTs that “are used for payment or investment purposes” can be virtual assets.Although the directive does not define “for investment purposes,” FATF likely intends to capture those who purchase NFTs with the intent to resell them later for a profit.
However, we do not believe that the ICO regime is applicable to NFTs, because this regime is designed to regulate a fundraising operation and protect the investor. Certain provisions of the law are incompatible with an NFT offer . The risk of the SEC classifying tokens as “securities” is therefore significant. The SEC has not yet come to a firm conclusion on the issue, but there have already beenthat some NFTs could be qualified as securities, especially when they are sold in a fractional manner.
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