New EU Law Will Regulate NFT Collections Like Cryptocurrencies

On August 2, the panel discussion on August 2, during a panel discussion at Korea Blockchain Week, European Union (EU) Advisor Peter Kerstens offered new insights on the EU's efforts to establish broad-based regulations in the NFT and crypto space. According to Kerstens according to the Markets in Crypto-Assets (MiCA) law, NFT collections will receive the same treatment as cryptocurrency, CoinDesk reports.

Under this new classification, EU citizens planning to offer an NFT collection on the market for sale be categorized under cryptocurrency-asset service providers (CASPs) and must obtain an explicit authorization from the EU prior to releasing their products (or products) for sale to the public. With these steps in place, it is the EU seeks that it can "protect investors and ensure financial stability while creating opportunities for innovation and increasing the popularity of the crypto-asset market," according to a press announcement. This process is anticipated to last anywhere between one and three months. the larger CASPs having to submit periodic reports on their activities and submitted to the European Securities and Markets Authority (ESMA) by local governments.

With this adamant stance against NFTs by the EU is also hoping to reduce instances where cryptocurrency assets are utilized for laundering money and other unlawful reasons. In this new classification as a result, this EU will require any person who is launching any NFT collection inside its jurisdiction to provide white papers regarding the protocol of the NFT. Kerstens also clarified that promises that are over the top regarding the future worth of an NFT project is explicitly prohibited according to the report of CoinDesk. By taking these measures it is the EU hopes to establish the basis for holding prospective rug pullers legally accountable for their conduct.

On the other side of the ocean and there is a U.S.' efforts in regulation of the cryptocurrency and NFT areas have been largely focused on criminals who use the latest blockchain technologies to commit white-collar crimes at the scale of. With ex- Coinbase as well as OpenSea employees being charged with insider trading, the majority of the initial steps towards controlling Web3 across the U.S. have come down to the creation of specialized cybercrime units within organizations like the IRS and the FBI.

As both sides are slowly progressing in the regulation of the largely unregulated world that is NFTs and crypto It is to be determined which one will work more effectively in the longer in the long.

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