European Union to regulate NFTs as Crypto.

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    Peter Kerstens, an advisor to the European Union (EU), provided a fresh perspective on the EU’s initiatives to establish extensive regulatory frameworks in the crypto and NFT industries during a panel discussion at Korea Blockchain Week on August 2. According to Kerstens, the Crypto Asset Markets Act (MiCA) will treat NFT collections in the same manner as cryptocurrencies.

    As a result of this new classification, EU nationals who want to advertise a collection of NFTs for sale will come under the category of Crypto Asset Service Providers (CASP) and must request explicit authorisation from the EU before making their services (or products) available to the general public.

    With these steps, the EU intends to “protect investors and maintain financial stability, as well as assure innovation and boost the attractiveness of the crypto-asset sector,” according to the press release.

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