The Federal Financial Industry Regulatory Authority (BaFin) is not ready to classify NFT as securities. The agency had better screen NFT on a case-by-case basis.
On March 8th, BaFin magazine published an empirical study on the classification of NFTs laws and regulations. At this point, regulators do not see how NFT meets the requirements that are considered securities. However, in the future, if 1000 NFT reflect the same loan interest provisions, BaFin is likely to treat NFT as securities.
Under another preservation, if NFT includes mining rights or ownership documents, such as dispatching performance pledges, it can be considered a project investment.
The agency proposes to classify NFT as an "encrypted asset" on a case-by-case basis. However, according to BaFin, due consideration lacks immediate exchangeability, and NFT means that the probability of an "encrypted asset" is even smaller than that of investment classification. The lack of standardization also makes the "virtual currency" status of non-bank foreign exchange traders narrowly escaped.
Due to the difficulties at the classification level, the Federal Financial Regulatory Authority estimates that it is not easy for NFT to comply with the approval requirements of financial services regulatory methods. Moreover, in addition to the substitutes that belong to the type of financial derivatives, NFT will not be subject to the compliance regulation of BaFin. "encrypted assets" to be considered independently will need to comply with compliance regulations.
According to Metverse service platform Metajuce, in terms of software, nearly 3/4 of NFT collectors choose NFT for influence, specificity and artistic aesthetics. Only 13% of the participants in the survey showed that they bought NFT for resale in the future.
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Tue, 18 Apr 2023