Syed Rahman outlines the risks surrounding NFTs
With the Joint Chiefs of Global Tax Enforcement having issued a warning about NFTs, Syed Rahman wrote an article detailing the problems associated with them.
In his piece, which was published by Law360, Syed explains why NFTs being decentralised - meaning they do not use an intermediary, such as a bank or government institution - and unregulated can make them attractive to those looking to use them for crime.
Syed lists the various ways NFT’s can be utilised for illegal purposes, from tokenisation, wash trading, insider trading and sleepminting through to money laundering and sanctions evasion.
He makes it clear that until the factors that have prompted the warning from the Joint Chiefs of Global Tax Enforcement are addressed, the dangers will continue to exist.
Syed's article featured in Law360. (Subscription required)
