Policymakers in the European Parliament are negotiating changes to the text of the EU Anti-Money Laundering Act to emphasize that NFT platforms or other companies providing NFT-related services are bound by the regulation. This differs from the scope of the EU’s standard-setting cryptocurrency rulebook, which is explicitly excluded from market regulation of cryptoassets.
According to MiCA regulations, NFT platforms are not within the current definition of encrypted asset service providers because they do not provide fungible and non-unique encrypted asset services. In order to bridge this gap and mitigate related money laundering and terrorist financing risks, NFT platforms It should therefore be included in the horizontal AML/CFT framework as a separate obligatory entity category.
The amendments need to pass on March 28 in two parliamentary committees overseeing the talks, before a vote on the entire text. The bill will then go to a full vote before entering interagency negotiations.