NFTs Causing U.S. Treasury To Raise Alarm Over Money Laundering In Art Industry

The U.S. Treasury Department on Friday issued a set of recommendations to combat illicit finance in the high-value art market and warned that the emerging digital art market, such as non-fungible tokens (NFTs), may present new risks.

In a study published on Friday, the Treasury found that there is some evidence of money laundering risk in the high-value art market, but limited evidence of terrorist financing risk, the Treasury said in a statement.

It said that those most vulnerable in the market are businesses offering financial services that are not subject to anti-money laundering or countering terrorism financing obligations, warning that asset-based lending “can be used to disguise the original source of funds and provide liquidity to criminals.”

A senior Treasury official told reporters next steps include engaging stakeholders such as those in Congress or in the industry to get their feedback, adding that the Treasury hopes the study will encourage industries to take additional steps to make it harder to launder illicit proceeds through the art market. The Treasury will give further thought as to whether additional regulatory steps are needed in this market, the official said.

The study also said that depending on the structure and market incentives, the digital art market, such as NFTs, may present new risks, as the characteristics of digital art make it vulnerable to money laundering.

NFTs are a form of crypto asset which exploded in popularity last year. All kinds of digital objects – from art to videos and even tweets – can be bought and sold as NFTs, which use unique digital signatures to ensure they are one-of-a-kind.

Continue Reading

Luxury Brand Prada To Launch First NFT

Prada is releasing its first NFT in partnership with Adidas: a crowd-sourced digital artwork in a Beeple-style collage, in luxury’s newest iteration in the metaverse.

From 24 January, anyone can register to submit a photograph using a specially-designed filter, that will be manipulated, scrambled up, and 40 per cent of the image removed, so as to be anonymised. Three thousand of the individual photographs will be selected by raffle, and minted by Adidas as unique NFTs for free. The individual who submitted the artwork will remain the owner, able to sell their NFT on the secondary market. The selected images will then be combined as tiles into one mass patchwork NFT, designed by digital artist and creative coder Zach Lieberman. That one-of-one NFT will be auctioned online on digital art marketplace SuperRare, and displayed as a large-scale installation in Prada and Adidas flagship stores. The patchwork style is similar to Beeple’s $69 million “Everydays: The First 5000 Days,” which set a record for a digital artwork at Christie’s auction.

Continue Reading

Crypto Explained: The Entrepreneur’s Guide To Succeeding In The New World Of Cryptocurrency

Decentralized finance (commonly referred to as DeFi) is a blockchain- based form of finance that does not rely on central financial intermediaries such as brokerages or banks to offer traditional financial instruments. LEARN MORE WITH THIS E-BOOK

Instead, it utilizes smart contracts on blockchains, the most common being Ethereum.

With this report you will learn how to utilize this new technology in your business.

Topics Covered:

  • DeFi Explained
  • The Rise of DeFi
  • DeFi’s Top Applications
  • The True Power of DeFi
  • The Downsides to DeFi
  • The Future of DeFi

Order Now

How To File Your Crypto Taxes The Right Way

With the complex nature of cryptocurrency taxes its a topic that many avoid talking and thinking about even more than regular taxes. Fortunately, there is a service available to ease your worries.

In 2017 Coin Ledger was founded to assist crypto users with their taxes. With the goal of making cryptocurrency tax reporting easy for everyone, Coin Ledger launched its signature platform CryptoTrader.Tax.

Cryptocurrency tax software built to save you time and maximize your refund.

  • Free Report Preview
  • Official TurboTax Partner
  • International Support

How It Works

CryptoTrader.Tax takes away the pain of preparing your bitcoin and crypto taxes in a few easy steps. Start by connecting your exchanges and importing your historical transactions.

Easily Import Historical Data

CryptoTrader.Tax integrates directly with your favorite cryptocurrency platforms to make it easy to import your historical transactions. Whether you’re trading, mining, staking, or earning interest, you’ll be able import your transactions and calculate your taxes with ease.

Trusted TurboTax Partner

Partnered with the largest tax preparation platform to make it easy for you to E-File your crypto gains and losses with your full tax return. Your reports can be directly imported into TurboTax Online, TurboTax Desktop, TaxAct, and many other tax platforms!

Photo by Tima Miroshnichenko

Crypto Resources

Track Your Trades With A Crypto Themed Notebook

4 Best Crypto Side Hustles

Earn Crypto

Get new content delivered directly to your inbox.

Track Your Trades With This Crypto Notebook

If you plan on profiting in such a volatile market as cryptocurrency, it’s important that you keep track of how much you are investing. Especially if you are using dollar cost averaging (DCA) as a way to gain from the market.

Read Our Article On Dollar Cost Averaging Here: Dollar Cost-Averaging (DCA) Explained By Team Professor

Record and track your cryptocurrency assets with this bitcoin themed notebook.

Useful for active traders of stocks, options, futures, and forex. 

Write down your trading tricks or keywords. Awesome cover detail to keep you motivated.

Features:

  • 6×9 Inches
  • 140 Lined Pages

Recent Crypto Articles

Get new content delivered directly to your inbox.