12/08/2022 New EU Law Will Regulate NFT Collections Like Cryptocurrencies

On August 2,during a panel at Korea Blockchain Week, European Union (EU) Advisor Peter Kerstens offered new insights intothe EU’s attemptsto create broad regulatory measures in the crypto and NFT spaces. According to Kerstens, under the Markets in Crypto-Assets (MiCA) law, NFT collections will receive the same treatment as cryptocurrencies,CoinDeskreports.

With this new classification, EU citizens hoping to put an NFT collection up for sale will fall under the umbrella of crypto-asset service providers (CASPs), and will need to receive express authorization from the EU before offering up their services (or wares) to the public. Via these measures, the EU hopes to “protect investors and preserve financial stability, while allowing innovation and fostering the attractiveness of the crypto-asset sector,” according toa press release. This process is expected to take anywhere from one to three months, with larger CASPs subject to reports on their activities regularly submitted to the European Securities and Markets Authority (ESMA) by their local governments.

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Through this aggressive stance on NFTs, the EU also hopes to curtail instances upon which crypto assets are used for money laundering and other illicit purposes. As part of this new classification, the EU will require anyone launching an NFT collection within its jurisdiction to submit a white paper on the NFT’s protocol. Kerstens also made it clear that over-the-top promises on the future value of any given NFT project are explicitly forbidden, according toCoinDesk’sreport. Through these measures, the EU hopes to lay the foundation for holding would-berug pullerslegally accountable for their actions.

On the other side of the pond,the U.S.’ effortsin regulating the crypto and NFT spaces have largely centered on bad faith actors using emerging blockchain technologies as means to commit white-collar crime at scale. Withformer CoinbaseandOpenSea employeesrecently charged with insider trading, much of these first steps in regulating Web3 in the U.S. have come down to the development of specialized cybercrime divisions in institutions such as the IRS and FBI.

With both parties slowly making headway in regulating the historically-lawless world of NFTs and crypto, it remains to be seen which strategy will pan out more effectively in the long term.

Arts

https://nftnow.com/news/new-eu-law-will-regulate-nft-collections-like-cryptocurrencies/

Interesting NFTs
Domestic - 2017
“Domestic is the manifestation of the cultural patriarchy in my home. The wooden "woman's" tragedy of false desire. It was done in a moment of breakup. The hollow 3d body & its lost eyes, invites you to fill up. Trying to reach out, encumbered and wrapped in its own fragility, the new mother rises."
Who is Satoshi Nakamoto?
"Who is Satoshi Nakamoto?" is dedicated to the mysterious creation of Bitcoin, and acts as the showcase artwork within Javier ArrĂ©s’ exploratory series "Bitcoin, The Origin". "Who is the creator of Bitcoin?" The artist, ArrĂ©s, explores this question, and the feelings of doubt and mystery that accompany it, through his unique artistic language. An unknown, an enigma. It should be remembered that the name Satoshi Nakamoto is a pseudonym of Bitcoin's author or authors and gives us little insight into its true creator. For this Visual Toy, ArrĂ©s uses the signature claw machine, his famous half-operation, to symbolize our collective ignorance and unconfirmed belief: As soon as it has the stuffed animal within its grasp and appears to have solved the puzzle, the animal escapes again, and again. At present, there are three more public and studied possibilities who are either believed to be the creators of the currency or who directly claim the creation of it. It may be all or none of them, yet these three personalities leave us clues which are an important part of this interesting enigma. For this moment, it will remain unknown... In this artwork, ArrĂ©s elevates the claw machine from the apparatus, to an iconic pop art object serving as an important element to the Bitcoin creation narrative. Action is everywhere, with each movement serving an iconographical or metaphorical purpose related directly to cryptocurrency: Various ups and downs, roller coasters, mining points, robot, coins and more speak to a sense of hope, risk, mystery, randomness and possibility of pay out. Hundreds of manically thought out details make this creation one of the artist’s most complex Visual Toys to date. ------- "Bitcoin, The Origin" is a set of two Visual Toys, titled "Who is Satoshi Nakamoto" and "It’s Alive!" which reflect and explore the mystery and enigmas behind the creation of Bitcoin. ArrĂ©s presents these proposals to us in his signature style, full of iconography, fantasy, maniacal animations and a panoply of details (both subtle and overt) which simultaneously fascinate, hypnotize, and narrate this historical milestone through the singular vision of the artist. Through this series, ArrĂ©s freezes a crucial moment of cryptocurrency history, taking a still photo under his vision and turning it into two unique crypto artworks. ---- More info about Javier ArrĂ©s: https://javierarres.com/about.html
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By OthersideDeployer
Chromie Squiggle #6339
Simple and easily identifiable, each squiggle embodies the soul of the Art Blocks platform. Consider each my personal signature as an artist, developer, and tinkerer. Public minting of the Chromie Squiggle is permanently paused. They are now reserved for manual distribution to collectors and community members over a longer period of time. Please visit OpenSea to explore Squiggles available on the secondary market.
Experimental No.1 #3074
Changes is the only thing that hasn’t been changed. From time to space to the thoughts of human beings are constantly changing. I transformed a Silver Gelatin Photogram (a piece of physical photograph made of alternative photographic processes) into a digital image that even can produce endless changes. This is based on the change in my way of seeing the world. It is difficult for individuals to completely isolate themselves from their own inherent culture, this ingrained imprint not only stems from families but also social and historical influences. Besides, the rapid innovation of science and technologies directly drives the world today to inevitably facing collisions and fusions in multiculturalism. Studying classical philosophical text allows me to apply the dialectical method to tease those open questions, and finally ground on my artworks. All things complement each other and balance in the collision. Changes is the key. Isn’t the development of human civilization that come to the present evolve in indistinct ways?