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    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

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    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

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    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    NFT Collection Doodles Sees 400% Spike In Volumes On This

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    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

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    Economic Fail Or Key To A Creative Future?

    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

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    OpenSea Tightens Security To Prevent NFT Scams And Fraud

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    Bitcoin Struggles to Rebound as Miner Capitulation Continues 

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    Bitcoin Could Restart Increase If The Bulls Clear This Resistance

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    What Is a Decentralized Exchange (DEX)?

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    Swiss National Bank exec: Regulators may favor centralized stablecoins after Terra crisis

    Swiss National Bank exec: Regulators may favor centralized stablecoins after Terra crisis

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    China’s BSN chair calls Bitcoin Ponzi, stablecoins ‘fine if regulated’

    Catalonia is building its own metaverse, says innovation minister

    Catalonia is building its own metaverse, says innovation minister

    SEC Chair Gary Gensler Proposes ‘One Rule Book’ for Regulation of All Crypto Asset Trading: Report

    SEC Chair Gary Gensler Proposes ‘One Rule Book’ for Regulation of All Crypto Asset Trading: Report

    Crypto conspiracy theories abound, but prop traders are just doing their job

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    Cardano (ADA) Founder Charles Hoskinson Addresses Congress, Argues for Real-World Uses of Crypto and Blockchain

    Cardano (ADA) Founder Charles Hoskinson Addresses Congress, Argues for Real-World Uses of Crypto and Blockchain

    Billionaire Chamath Palihapitiya Issues Crypto Warning, Predicts Industry's 'Honeypots' Will Be Exposed

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    Ripple CEO Brad Garlinghouse Says SEC Contradicted Itself by Suing Over XRP and Then Allowing Coinbase IPO

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    Singapore’s changed stance on crypto

    Singapore’s changed stance on crypto

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  • Home
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    • Altcoins
  • NFT’s
    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

    The Sandbox Token (SAND) Eyes $1 On This Bullish Signal

    Uniswap Labs Acquires NFT Startup Genie

    Uniswap Labs Acquires NFT Startup Genie

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

    Economic Fail Or Key To A Creative Future?

    Economic Fail Or Key To A Creative Future?

    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

    OpenSea Tightens Security To Prevent NFT Scams And Fraud

    OpenSea Tightens Security To Prevent NFT Scams And Fraud

  • Metaverse
    Demystifying Metaverse Competition - NFT News Today

    Demystifying Metaverse Competition

    The Go-To Marketplace For All Things Metaverse

    The Go-To Marketplace For All Things Metaverse

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    The Web 3 LAND Sale

    The Web 3 LAND Sale

    Disney Metaverse

    Disney Hires Former Apple Executive to Head Metaverse Creative Strategy

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    Man wearing smart glasses touching a virtual screen to access the metaverse

    How The Metaverse Can Change Mental Health For The Better

    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

  • Analysis
    Bitcoin

    Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

    Ethereum

    Ethereum Bulls In Control, Why ETH Could Clear $1,300

    Bitcoin

    Bitcoin Price Eyes Upside Break, Why BTC Could Surge to $23K

    bitcoin google

    Is Bitcoin Like Buying Google Early? The Shocking Comparison

    Harmony's Cross-Chain Bridge Exploited for $100M

    Harmony’s Cross-Chain Bridge Exploited for $100M

    Ethereum Key Indicators Suggest Strengthening Case For More Upsides

    Ethereum Key Indicators Suggest Strengthening Case For More Upsides

    Bitcoin Struggles to Rebound as Miner Capitulation Continues 

    Bitcoin Struggles to Rebound as Miner Capitulation Continues 

    Bitcoin

    Bitcoin Could Restart Increase If The Bulls Clear This Resistance

    Ethereum

    What Could Trigger Sharp Decline

  • Learn About Crypto
    Overbought vs. Oversold Signals

    Overbought vs. Oversold Signals

    What Is a Decentralized Exchange (DEX)?

    What Is a Decentralized Exchange (DEX)?

    What Is Ethereum 2.0 (The Merge)?

    What Is Ethereum 2.0 (The Merge)?

    Breaking: ExxonMobil is Mining Bitcoin With Natural gas

    Iran Cuts Power Supply To Crypto Mines;

    What Is Crypto Lending

    What Is Crypto Lending

    How to Survive a (Crypto) Bear Market

    How to Survive a (Crypto) Bear Market

    Top 6 Crypto Events for June 2022 – Coingape

    What Is A Bull Flag Pattern and How to Use It

    What Is A Bull Flag Pattern and How to Use It

    A Beginner’s Guide To Reversal Candlestick Patterns

    A Beginner’s Guide To Reversal Candlestick Patterns

  • Regulation
    Swiss National Bank exec: Regulators may favor centralized stablecoins after Terra crisis

    Swiss National Bank exec: Regulators may favor centralized stablecoins after Terra crisis

    China’s BSN chair calls Bitcoin Ponzi, stablecoins ‘fine if regulated’

    China’s BSN chair calls Bitcoin Ponzi, stablecoins ‘fine if regulated’

    Catalonia is building its own metaverse, says innovation minister

    Catalonia is building its own metaverse, says innovation minister

    SEC Chair Gary Gensler Proposes ‘One Rule Book’ for Regulation of All Crypto Asset Trading: Report

    SEC Chair Gary Gensler Proposes ‘One Rule Book’ for Regulation of All Crypto Asset Trading: Report

    Crypto conspiracy theories abound, but prop traders are just doing their job

    Crypto conspiracy theories abound, but prop traders are just doing their job

    Cardano (ADA) Founder Charles Hoskinson Addresses Congress, Argues for Real-World Uses of Crypto and Blockchain

    Cardano (ADA) Founder Charles Hoskinson Addresses Congress, Argues for Real-World Uses of Crypto and Blockchain

    Billionaire Chamath Palihapitiya Issues Crypto Warning, Predicts Industry's 'Honeypots' Will Be Exposed

    Billionaire Chamath Palihapitiya Issues Crypto Warning, Predicts Industry’s ‘Honeypots’ Will Be Exposed

    Ripple CEO Brad Garlinghouse Says SEC Contradicted Itself by Suing Over XRP and Then Allowing Coinbase IPO

    Ripple CEO Brad Garlinghouse Says SEC Contradicted Itself by Suing Over XRP and Then Allowing Coinbase IPO

    Singapore’s changed stance on crypto

    Singapore’s changed stance on crypto

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Home Regulation

NFT Regulation: Who profits, who loses, and how to protect your rares

February 22, 2022
in Regulation
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NFT Regulation: Who profits, who loses, and how to protect your rares
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Symbiosis

NFTs have brought significant monetization potential to the crypto-verse and allowed creators to get more value for their work. 

However, they have been getting a lot of flak lately as lawmakers mull over their regulations. There are fears that sophisticated money laundering networks are using NFTs to clean dirty money. This is because of the anonymity that they provide.

This intrinsic property has also led to a surge in unresolved NFT theft cases, which have been further complicated by the decentralized nature of many NFT projects. In addition, entities behind the theft schemes typically leverage many account intrusion techniques such as phishing and SIM-swap attacks to breach NFT owner accounts. 

Existing restrictions on NFT operations

Major jurisdictions around the world are scrambling to regulate NFTs. The US has already banned some marketplaces, such as Chatex, implicated in money-laundering schemes. The platform is said to have been used by the REvil to hide ill-gotten money through a series of NFT trades.

As a general rule, the US doesn’t seem to be banning all NFT marketplaces, addresses, and items.

On the other hand, China has embraced NFTs largely because they represent ownership of physical assets. While it has banned cryptocurrency trading and mining, the government wants people to buy and sell NFTs on regulated platforms. NFT trades on these markets can only be made with the digital Yuan, which the government owns. 

The government has already laid out plans to develop a centralized NFT industry. The state-backed Blockchain Services Network (BSN) agency has already been tasked with developing the infrastructure. As expected, only digital Yuan trades will be supported.

Looking at smaller economies, some jurisdictions, such as South Korea, have banned some NFT ecosystem categories. For example, the East Asian nation has taken a hard stance against NFT games. According to South Korea’s Game Rating and Administration Committee, NFT games are banned because they encourage speculation, like gambling.

KYC for NFTs: a compromise between law and decentralization

Innovators in gaming and collectible marketplaces saw significant growth after the influx of NFT projects in 2021. The boom caught the attention of both enthusiasts and legislators.

Having started to empower art creators, NFT technology has been abused by some malicious entities. It is becoming more and more associated with money laundering operations and tax evasion schemes. This turn of events has given rise to the Know-Your-Customer (KYC) debate.

A section of crypto pundits believes that it would be prudent for the industry to implement stringent KYC rules to prevent widespread technology exploitation. This would make it easier for NFT networks to be safe and work with well-known, regulated financial institutions.

How can NFT holders protect their assets from being frozen or stolen

NFT investors can prevent their assets from being frozen or stolen in numerous ways. The most popular among them is using non-custodial wallets. They allow wallet owners to have full custody of their wallet keys.

The best way to keep the keys to a non-custodial wallet is by writing down the alphanumeric code on a piece of paper and storing it in a safe location. AlphaWallet and Metamask are some examples of top-rated non-custodial wallets.

Cold storage wallets are also a great alternative. They limit access to stored assets through encryption. In addition, the strategy safeguards them against the most common hacker attacks.

Lastly, NFT investors should exercise caution and do background research before participating in NFT Airdrops. This helps to avoid rug pulls.

Guest post by Ryan Wilkinson from Blockasset.co

Ryan Wilkinson, Head of Product at Blockasset.co since February 2021. He is responsible for product-related issues, dealing with all developers, product concept creation and completion. Negotiations with new investors, backers, and advisers and communication with key partners. Token issuance and distribution management. Working for Blockasset allows him to combine and apply all of his previous jobs’ skills. At this level, he is focused on developing technical solutions, resulting in excellent results for our company.

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