13/03/2024 NFT Providers May Need Registration to Comply With UK Money Laundering Rules

The U.K. started a consultation on its money laundering rules on Monday.

The U.K. is sharpening its approach for crypto (Jesse Hamilton/CoinDesk)

The U.K. is sharpening its approach for crypto (Jesse Hamilton/CoinDesk)

Crypto businesses that issue non-fungible tokens (NFTs) in the U.K. rather than providing financial services will probably need to register with the Financial Conduct Authority even after the government introduces a new authorization regime for the industry,accordingto a consultation on money launderingissued by the Treasury on Monday.

The government has been refining its crypto regulation environment, and last year said it planned to bring crypto exchanges and custody providers intothe new crypto authorization regime. Currently, the firms must be registered with the FCA, which covers money laundering and terrorism financing safeguards, to be able to operate in the country. Once the new regime is up and running, that won't be necessary.

However, crypto assets that are not used in relation to any regulated financial services, such as NFTs, are likely to fall outside the regime, according to the consultation. NFTs are unique tokens that are tied to the blockchain that usuallyrepresent an asset like art.

"These crypto asset firms will still need to be registered and supervised by the FCA for anti-money laundering and counter terrorist financing purposes," the document said.

The Financial Services and Markets Act passed last year and paved the way for crypto to be treated like a regulated financial activity. In aconsultation response from October, the government said NFT's "were not appropriate for regulation as a financial service." They would fall within the financial services regime only if used for regulated activities.

The number of firms that may need to get registered may "widen as the industry continues to develop," the new consultation document said.

The U.K. government wants to collect responses on the proposed regime by June 9.

Arts

https://www.coindesk.com/policy/2024/03/12/nft-providers-may-need-registration-to-comply-with-uk-money-laundering-rules/

Interesting NFTs
Stay Free (Edward Snowden, 2021)
This unique, signed work combines the entirety of a landmark court decision ruling the National Security Agency's mass surveillance violated the law, with the iconic portrait of the whistleblower by Platon (used with permission). It is the only known NFT produced by Snowden. Produced using open source software. This auction is on behalf of Freedom of the Press Foundation. https://www.aclu.org/press-releases/appeals-court-strikes-down-nsa-phone-spying-program-aclu-lawsuit
Source Code for the WWW
OWNER: Sir Tim Berners-Lee Sir Tim Berners-Lee, b. 1955 Source Code for the WWW 1990-1991 Work includes: Original archive of dated and time-stamped files containing the source code, written between 3 October 1990 and 24 August 1991. These files contain code with approximately 9,555 lines, the contents of which include implementations of the three languages and protocols invented by Sir Tim; HTML (Hypertext Markup Language); HTTP (Hyper Transfer Protocol); and URIs (Uniform Resource Identifiers), as well as the original HTML documents that instructed early web users on how to use the application Animated visualization of the code being written (Video, black & white, silent), lasting 30 minutes 25 seconds A Scalable Vector Graphics (SVG) representation of the full code (A0 841mm wide by 1189 mm high), created by Sir Tim from the original files using Python, with a graphic representation of his physical signature at lower right A letter written in the README.md file (in “markdown” format) by Sir Tim in June of 2021, reflecting upon the code and his process of creating it Non-fungible Token ERC-721 Minted on June 15, 2021, ed. 1/1 Smart Contract Address: 0x86ade256037d80d6d42df8df96d5be21cd25bd8f
#65679
By OthersideDeployer
Right Place & Right Time (bitcoin hourly price offset)
Each day, a new composition for the Master is generated autonomously using a data feed of Bitcoin's last 24 hours of price action. Each hour's price programmatically controls rotation, scale, and position of a correlating layer. Astute viewers will surmise the day's price volatility simply by examining the artwork. While the daily image generation is the result of autonomous API calls, utilizing an algorithm the artist wrote, the artist has chosen to retain a control token. This token allows him to fine-tune variables associated with his algorithm, in addition to addressing aesthetic concerns within the life-cycle of the artwork. Layer state, alpha, hue, saturation, and brightness are elements the artist has retained control of in order that this artwork remain a living work-in-progress. An earlier iteration of this artwork was featured as a nightly projection mapping video on the face of the Daniels Fisher Clocktower, as part of ETH Denver 2020. Access to this and additional exclusive content awaits the master token owner at the artist's NFT Portal: https://collect.mattkane.com/minted-works/right-place-right-time-bitcoin-hourly-price-offset/
SELKIRK GOLD BREED KING
What's up! My name's SELKIRK GOLD BREED KING. I once peed on Cleopatra's cat. They had it coming. I once made a labradoodle trot. I think you'll love me beclaws I have cattitude.