09.04.2022
"Wild West" digital art market - regulation is essential
"There is no way around cross-border and stronger regulation of trading in NFT and crypto assets to prevent money laundering," says art law expert Dr. Pascal Decker in an interview with Kai Lange from manager magazin.
Investors put $44 billion into NFTs in 2021. The number of crypto accounts used to trade NFTs has grown to nearly 3 million since early 2021. The NFT hype creates opportunities for the art market, but also involves risks. The main problem is that, unlike stock trading, for example, the large NFT trading platforms are currently hardly regulated, so that bogus transactions and so-called “wash trades”, i.e. money laundering, are more easily possible. Around $8.6 billion worth of crypto assets were laundered in 2021 alone. The number of unreported cases is likely to be much higher. dr In an interview, Pascal Decker explains how auction houses, art dealers and art lovers can protect themselves from abuse by money launderers in the “wild west” of the digital art market that has prevailed up to now.
The LegalTech start-up legeARTIS Compliance offers support and orientation. The unique joint venture between dtb Rechtsanwälte and the LegalTech company Kerberos Compliance provides a compliance platform to combat money laundering.
For the whole interview: https://bit.ly/3y8VeI4
09.04.2022
"Wild West" digital art market - regulation is essential
"There is no way around cross-border and stronger regulation of trading in NFT and crypto assets to prevent money laundering," says art law expert Dr. Pascal Decker in an interview with Kai Lange from manager magazin.
Investors put $44 billion into NFTs in 2021. The number of crypto accounts used to trade NFTs has grown to nearly 3 million since early 2021. The NFT hype creates opportunities for the art market, but also involves risks. The main problem is that, unlike stock trading, for example, the large NFT trading platforms are currently hardly regulated, so that bogus transactions and so-called “wash trades”, i.e. money laundering, are more easily possible. Around $8.6 billion worth of crypto assets were laundered in 2021 alone. The number of unreported cases is likely to be much higher. dr In an interview, Pascal Decker explains how auction houses, art dealers and art lovers can protect themselves from abuse by money launderers in the “wild west” of the digital art market that has prevailed up to now.
The LegalTech start-up legeARTIS Compliance offers support and orientation. The unique joint venture between dtb Rechtsanwälte and the LegalTech company Kerberos Compliance provides a compliance platform to combat money laundering.
For the whole interview: https://bit.ly/3y8VeI4