Are Nonfungible Tokens Subject to US Anti-Money Laundering Requirements?
By EsqSocial Corporation 19/04/21
Rapidly growing interest in nonfungible tokens (NFTs) has been fueled by recent headlines of multimillion-dollar transactions, such as the $69 million sale of an NFT by digital artist Beeple — the third-highest price ever paid for the work of a living artist. An NFT is a certificate of ownership stored on a blockchain typically associated with a digital asset, such as art, videos, music, games, or tweets. Unlike certain other virtual assets on the blockchain, such as cryptocurrencies, NFTs are...
By: Skadden, Arps, Slate, Meagher & Flom LLP