This Practice Note is the seventh in a series exploring the legal and regulatory aspects of cryptoassets.
In this edition, we provide a high-level overview of non-fungible tokens (NFTs), and explore the concepts of ownership, storage and the interaction of NFTs with the UK’s financial services regulatory landscape.
What is an NFT?
An NFT is a unique, non-divisible token, often linked to an object – e.g. a collectable, digital art or in-game asset – which uses blockchain technology to record ownership and validate authenticity. Fungible tokens such as Bitcoin are not unique, and therefore they do not qualify as an NFT. The latter assets utilize token standards supported by blockchains such as Ethereum, Algorand and Solana.
Currently used predominantly for digital collectables, digital art and, more recently, interactive entertainment, NFTs leverage the inherent characteristics of DLT to introduce scarcity and enable demonstrable exclusive ownership to digital information assets.
To understand NFTs it is important first to understand the difference between fungible and non-fungible items.
According to the Cambridge Dictionary, a fungible item can be defined as “something such as a currency, share, or goods, that can easily be exchanged for others of the same value and type”. Fiat money, and cryptoassets used similarly to or in lieu of fiat money – for example Bitcoin and Ether – fall under this category.
Conversely, non-fungible items are not easily exchangeable for other items of the same value and type. Non-fungible items – as well as the value associated with it – are unique. A painting or sculpture is an example of a non-fungible item.
NFTs versus associated assets
It is important at the outset to properly conceptualize an NFT. NFTs are cryptoassets, which in turn are merely database entries on a distributed ledger, created and recorded according to the properties of the underlying rules (token standard).
They contain metadata that defines their object by providing details regarding them. This typically includes, amongst other things: the name of the NFT; the smart contract address which manages the ownership and transferability of the NFT; and an associated asset.
The associated asset contained in the NFT metadata is typically a url which points to the asset that is associated with the NFT, e.g. the artwork, digital collectible, music or video asset. The metadata itself does not usually contain this asset, for reasons explored below.
Part A: ownership and storage
It is often unclear what rights the purchase of an NFT gives to the purchaser. NFT holders do not generally enjoy full rights over the particular assets – such as digital images – that are associated with their NFTs.
By way of example, the image above represents one of ten thousand LarvaLabs’ CryptoPunks – specifically CryptoPunk #6013. Each of the ten thousand tokens forming part of the CryptoPunks collection is represented by a distinct CryptoPunk having different attributes (from the particular species, such as apes, aliens and humans, to hairstyle and accessories).
However, the holder of this particular CryptoPunk is not entitled to the intellectual property rights (IPR) in the image that it is associated with and used for the purposes of representing and identifying the relevant NFT; what the holder has is a claim to the NFT itself: the token.
Anybody can download a copy of the file or link relating to whatever asset the NFT is tokenizing, but only the NFT owner holds the contract stating their ownership rights. The NFT declares you as the official owner.
Transferring the IPR in the associated asset to the NFT holder is possible but requires formal assignment (i.e. it must be in writing and signed by the assignor).
With regards to the IPR in the NFT itself, as an NFT is purely metadata it is not protected as the asset is neither the actual original work nor a copy of the work, but only a tokenized version of it, which does not incorporate the full work into the blockchain, but contains only a URL linked to it. The idea that an NFT holder is the de facto “owner” of the associated asset – absent an explicit contractual matrix assigning the relevant IPR – is a common current misconception around NFTs.
As best practice, we recommend defining the rights vesting on the holders of their NFTs – and incorporating them in dedicated public-facing terms – so as to avoid market confusion and reputational harm to any project.
Management of rights in distributed (and semi-immutable) file storage systems
As mentioned above, NFT metadata usually incorporates a url pointing towards an associated asset. To facilitate prompt identification, the associated asset is normally accessed and displayed as a representation of the NFT associated with it, through the platform used to access the NFT (for example, one of the dedicated marketplaces through which NFTs are exchanged).
While the associated asset is not normally stored on-chain, due to data storage limitations and other impractical aspects, it is common practice for the creators/ issuers of the NFTs (issuers) to store it on other forms of decentralized and distributed file storage systems (DFSS) – for example, the InterPlanetary File System (IPFS).
While storing associated assets on DFSS is attractive to the holders – as it provides trustless access to any such associated assets – it does represent a risk on the part of the issuer, particularly where the associated asset does not belong to the issuer.
Because of the semi-immutable character of distributed and decentralized solutions, it can be very difficult – if not virtually impossible – to take down associated assets once uploaded onto a DFSS. Therefore, it is important for legal advisors to ensure that the scope of the legal authority by which the issuer uploads the associated assets onto DFSS is explicit, which mitigates this particular risk in light of the specific characteristics of each type of DFSS.
PART B: interaction of NFTs with the financial services regulatory landscape in the UK
NFTs and the FATF
The regulatory treatment of NFTs is potentially relatively broad.
As discussed previously, FATF publishes standards for regulation and supervision of financial intermediaries. With regard to NFTs – in its Updated Guidance for a Risk Based Approach: Virtual Assets and Virtual Asset Service Providers’ published on 21 October 21st 2021 – it states at paragraph 53:
“[NFTs], depending on their characteristics, are generally not considered to be VAs under the FATF definition. However, it is important to consider the nature of the NFT and its function in practice and not what terminology or marketing terms are used. This is because the FATF Standards may cover them, regardless of the terminology. Some NFTs that on their face do not appear to constitute VAs may fall under the VA definition if they are to be used for payment or investment purposes in practice. Other NFTs are digital representations of other financial assets already covered by the FATF Standards. Such assets are therefore excluded from the FATF definition of VA, but would be covered by the FATF Standards as that type of financial asset. Given that the VA space is rapidly evolving, the functional approach is particularly relevant in the context of NFTs and other similar digital assets. Countries should therefore consider the application of the FATF Standards to NFTs on a case-by-case basis.”
In October 2018, FATF required that virtual asset service providers (VASPs) be regulated for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes, that they be licensed or registered, and subject to effective systems for monitoring or supervision.
There is a risk, therefore, that in the future NFT platforms may be subject to regulation as VASPs under relevant local laws implementing the FATF standards as they apply to VASPs. This analysis will be fact-specific and involves consideration of the types of NFTs the platform deals in and whether they are offered or intended to be investments (as opposed to, say, collectibles which appeal to fans or collectors). Legal practitioners should consider local regulatory requirements as they may apply to NFT ecosystem participants (such as those operating an NFT drop or exchange platform, issuers or other activities involving promotion of NFTs in a jurisdiction).
There are also situations in which the rights attributable to an NFT will cause that NFT to become regulated under the UK regime.
Despite there being no NFT- or crypto-specific regulations in the UK, NFTs have, broadly, four main touch points with the existing UK regulatory regime as implemented by the FCA and PRA. They are:
- under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) if tokens amount to “specified investments”;
- under the Markets in Financial Instruments Directive (MiFID) if the tokens amount to ‘financial instruments’;
- under the Electronic Money Regulations 2011 (EMRs) if the tokens amount to e-money; and
- within the scope of the Payment Services Regulations 2017 (PSRs). In lieu of NFT- or crypto-specific legislation and regulations, participants in the NFT arena are required to assess their project against the above regimes utilizing guidance provided by the FCA in its policy statement Guidance on Cryptoassets: Feedback and Final Guidance to CP 19/3, PS19/22.
In PS19/22, the FCA sets out an overlapping framework under which the various types of crypto-product in the market are to be categorized as either “regulated tokens” or “unregulated tokens”. In this context, regulated tokens include:
- security tokens, which are tokens that amount to specified investments (except e-money) under the RAO. This includes those tokens that amount to “financial instruments under MiFID”; and
- e-money tokens, which meet the definition of e-money under the EMRs.
As the name and description implies, regulated tokens fall within the regulatory perimeter and firms carrying on regulated activities in relation to those tokens will need to comply with the relevant regulatory regime – including seeking authorization to carry on those regulated activities.
All tokens that do not fit into the two types of regulated token are considered to be unregulated tokens for which there is no interaction with the UK regulatory regime. This category includes “utility tokens”, cryptoassets and other types of payment tokens which can be used primarily as a means of exchange.
In that way, NFTs are governed in the same way as their token forebearers such as Bitcoin, Ether and other altcoins.
The exercise is to consider whether each token is one of the types of regulated token by reason of it falling within the RAO, MiFID, or the EMRs. It will be a separate exercise to consider whether those tokens could also amount to the provision of payment services under the PSRs.
- Specified investments under the RAO
For a token to amount to a specified investment, it must meet the definition of any of the 25 (at the time of writing) defined investment types specified in the RAO. Many of these – including regulated mortgage contracts, funeral plan contracts, consumer hire agreements and the like – can be dismissed out of hand. But there is some analysis to be done against other specified investments such as shares, options, futures, contracts for difference etc on a case-by-case basis.
Where, for instance, an NFT represents a fractionalised ownership of assets, it is possible that the NFT could, as a matter of fact, amount to the representation of “shares or stocks in the share capital of any body corporate (wherever incorporated) and any unincorporated body constituted under the law of a country or territory outside the United Kingdom”, thereby satisfying the definition of “shares” under article 76 RAO.
Similarly, an NFT representing fractionalised ownership of an underlying asset could amount to a kind of derivative in the event that it is either an option, future or contract for difference as defined under the RAO. That is, the NFT either:
a) grants the holder a right to acquire or dispose of:
i. a security or contractually based investment;
ii. currency of the United Kingdom or any other country or territory;
iii. palladium, platinum, gold or silver;
iv. an option to acquire or dispose of an investment of the kind specified in (a), (b) or
v. subject to certain stipulation sin reg 83(4), an option to acquire or dispose of an option to which paragraphs 5, 6,7 or 10 of Section C of Annex I to the MiFID read with Articles 5, 6, 7 and 8 of the Commission Regulation applies, (thereby making it an option under Art 83 RAO);
b) is a right under a contract for the sale of a commodity or property of any other description under which delivery is to be made at a future date and at a price agreed on when the contract is made (thereby making it a future under Art 84 RAO); or
c) subject to certain exclusions, rights under:
i. a contract for differences, or
ii. any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in:
- the value or price of property of any description; or
- an index or other factor designed for that purpose in the contract (thereby making it a contract for differences under Art 85 RAO).
In the event that the rights underlying the NFT cause that NFT to meet the definition of a specified investment, then it will also be necessary to consider whether the issuer or holder (or any other party involved in the NFT project) is carrying on a regulated activity under the RAO.
Regulated activities under the RAO
Under s19 of the Financial Services and Markets Act 2000 (FSMA), “no person may carry on a regulated activity in the United Kingdom, or purport to do so unless he is (a) an authorized person, or (b) an exempt person”. This is known as the general prohibition.
Per s22 FSMA: “An activity is a regulated activity for the purposes of this Act if it is an activity of a specified kind which is carried on by way of business and (a) relates to an investment of a specified kind, or (b) in the case of an activity of a kind which is also specified for the purposes of this paragraph, is carried on in relation to property of any kind.”
On that basis, if the rights attaching to an NFT cause it to be identifiable as a specified investment (pursuant to s22(a) FSMA), then it is important to understand whether the activity being performed in relation to that NFT is itself one of the types specific in the RAO.
The most relevant specified activities include, but are not necessarily limited to, “dealing in investments as principal” (art 14 RAO), “dealing in investments as agent” (art 21), “arranging (bringing about) deals in investments” and “making arrangements with a view to a person who participates in the arrangements buying, selling, subscribing for or underwriting investments” (art 25), “safeguarding and administering investments” (art 40), and “establishing a collective investment scheme” (art 51).
The article 25 activities are particularly broad, and it is necessary to work through them and the relevant exclusions carefully in order to reach the correct conclusion in each case. Failing to properly carry out this analysis could cause the persons engaging in the activities to be in breach of the general prohibition, which carries both civil and criminal penalties. Specifically, under s23 FSMA: “A person who contravenes the general prohibition is guilty of an offence and liable – (a) on summary conviction, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum, or both; (b) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.”
- MiFID activities
MiFID activities are broadly aligned with FSMA and the RAO in the UK and, therefore, if an NFT meets the definition of a financial instrument under MiFID, then it will also fall within the UK’s regulatory regime, and the General Prohibition, described above.
Under MiFID, financial instruments include those things set out in Section C, Annex I of Directive 2014/65/EU, including transferable securities, money-market instruments, units in collective investment undertakings and any of the seven specific definitions of derivative contracts, which are:
i. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash.
ii. Options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event.
iii. Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market, a MTF, or an OTF, except for wholesale energy products traded on an OTF that must be physically settled.
iv. Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point 6 of this Section and not being for commercial purposes, which have the characteristics of other derivative financial instruments.
v. Derivative instruments for the transfer of credit risk.
vi. Financial contracts for differences.
vii. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market, OTF, or an MTF.
If an NFT has rights in an underlying asset which looks and feels like any of these definitions, then a full analysis should be undertaken to see whether any of the following MiFID activities (set out in Section A, Annex I of Directive 2014/65/EU) are being carried on in relation to that NFT:
i. Reception and transmission of orders in relation to one or more financial instruments.
ii. Execution of orders on behalf of clients.
iii. Dealing on own account.
iv. Portfolio management.
v. Investment advice.
vi. Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis.
vii. Placing of financial instruments without a firm commitment basis.
viii. Operation of an MTF.
ix. Operation of an OTF.
If an MiFID activity is being carried on in relation to a financial instrument, then it will be necessary to obtain authorization in the relevant jurisdictions to carry on that activity. In the UK that will also mean obtaining authorization for the relevant FSMA activity.
Electronic money regulations (EMRs)
Where a token meets the definition of electronic money in the EMRs, then the FCA will consider that token to be an e-money token and, therefore, a regulated token. The definition of electronic money is “electronically stored monetary value that represents a claim on the issuer issued on receipt of funds for the purpose of making payment transactions accepted by a person other than the issuer not excluded by regulation 3 of the EMRs”.
Regulation 3 excludes:
a) monetary value stored on instruments that can be used to acquire goods or services only:
i. in or on the electronic money issuer’s premises; or
ii. under a commercial agreement with the electronic money issuer, either within a limited network of service providers or for a limited range of goods or services;
b) monetary value that is used to make payment transactions executed by means of any telecommunication, digital or IT device, where the goods or services purchased are delivered to and are to be used through a telecommunication, digital or IT device, provided that the telecommunication, digital or IT operator does not act only as an intermediary between the payment service user and the supplier of the goods and services.
As with the activities under FSMA and MiFID, it is an offence to issue electronic money in the UK without being appropriately authorized.
Unlike under FSMA or MiFID, if the amount of e-money issued per month will on average amount to less than 5 million euros then it will be possible to apply to become a Small Electronic Money Institution with the FCA, which means a lighter touch regulatory regime is imposed on the firm than on a firm subject to full authorization as an Electronic Money Institution (EMI).
- Payment service regulations
The final category of regulated activity potentially engaged by NFTs is payment services as regulated by the PSRs. A payment service is any of the following when carried out as a regular occupation or business activity:
a) services enabling cash to be placed on a payment account and all of the operations required for operating a payment account;
b) services enabling cash withdrawals from a payment account and all of the operations required for operating a payment account;
c) the execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider:
i. execution of direct debits, including one-off direct debits;
ii. execution of payment transactions through a payment card or a similar device;
iii. execution of credit transfers, including standing orders;
d) the execution of payment transactions where the funds are covered by a credit line for a payment service user:
i. execution of direct debits, including one-off direct debits;
ii. execution of payment transactions through a payment card or a similar device;
iii. execution of credit transfers, including standing orders;
e. issuing payment instruments or acquiring payment transactions;
f) money remittance;
g) payment initiation services;
h) account information services.
The provision of payment services in the UK will also require the business to obtain authorization from the FCA. As with the EMRs, businesses with an average payment transactions turnover that does not exceed 3 million euros per month and which do not provide account information services (AIS) or payment initiation services (PIS) can register with the FCA as small Payment Institutions (small Pis) rather than seek full authorization.
The analysis to be carried on then is to assess whether the issuance or holding of the NFT amounts to the provision of one of the payment services, the most likely of which would be as a money remittance tool depending on the underlying utility of the token in question.
NFTs and anti-money laundering legislation
For any business engaging in activities with NFTs it is also important to note that the existing anti-money laundering requirements may apply to their activities, separate to the recently published FATF guidance considered above, which may affect interpretation or application of existing anti-money laundering requirements in future.
Businesses who carry on cryptoasset activity in the UK need to register with the FCA before conducting that business. They must also be compliant with the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 (MLRs).
For the purposes of the MLRs, cryptoasset activities means, per regulation 14A MLRs:
“(1) a firm or sole practitioner who by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved, when providing such services.
- exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets;
- exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another; or
- operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets.
“(2) a firm or sole practitioner who by way of business provides services to safeguard, or to safeguard and administer:
- cryptoassets on behalf of its customers; or
- private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets, when providing such services.”
In this context, a cryptoasset means “a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically”.
As drafted, it is unlikely that the MLRs would capture an NFT artist or project utilising a centralized NFT exchange such as OpenSea but would instead capture the exchange or wallet providers themselves. However, legal practitioners should monitor and apply the interpretation and application of the FATF guidance referred to above which may change the position in future.
Authored by Omri Bouton (Sheridans), Will Foulkes, Gareth Malna (Stephenson Law LLP), Anne Rose, Niki Stephens and Sian Harding (Mishcon de Reya LLP).
This Practice Note is based on The Law Society’s original paper ‘Blockchain: Legal and Regulatory Guidance’, and has been re-formatted with kind permission. The original report can be accessed in full here.
Maelezo haya ya mazoezi ni ya saba katika mfululizo unaochunguza masuala ya kisheria na udhibiti wa cryptoassets. Katika toleo hili, tunatoa muhtasari wa kiwango cha juu cha ishara zisizo za kubadilika (NFTs) na kuchunguza dhana za umiliki, uhifadhi na mwingiliano wa NFTs na mazingira ya udhibiti wa huduma za kifedha za Uingereza. Ni nini NFT? NFT ni chapa ya kipekee, isiyoweza kugawanyika, ambayo mara nyingi huunganishwa na kitu. Collectible, digital sanaa au katika-mchezo mali <unk> ambayo hutumia teknolojia blockchain kurekodi umiliki na kuthibitisha uhalisi. Tokeni za kubadilika kama vile Bitcoin sio za kipekee, na kwa hivyo hazistahili kama NFT. Hizi mali ya mwisho kutumia viwango ishara mkono na blockchains kama vile Ethereum, Algorand na Solana. Kwa sasa, NFTs hutumiwa hasa kwa ajili ya digital collectibles, sanaa digital na, hivi karibuni, burudani maingiliano, kutumia sifa asili ya DLT kuanzisha upungufu na kuwezesha kuonyeshwa umiliki wa kipekee kwa mali ya habari digital. Ili kuelewa NFTs, ni muhimu kwanza kuelewa tofauti kati ya vitu vinavyoweza kubadilishwa na visivyoweza kubadilishwa. Kulingana na Kamusi ya Cambridge, kitu kinachoweza kubadilishwa kinaweza kufafanuliwa kama "kitu kama vile sarafu, hisa, au bidhaa, ambayo inaweza kubadilishwa kwa urahisi kwa wengine wa thamani na aina ileile". Fedha za Fiat, na cryptoassets kutumika sawa na au badala ya fedha za Fiat - kwa mfano Bitcoin na Ether - huanguka chini ya jamii hii. Kinyume chake, vitu visivyoweza kubadilishwa haviwezi kubadilishwa kwa urahisi kwa vitu vingine vya thamani na aina ileile. Vitu visivyoweza kubadilishwa <unk> pamoja na thamani inayohusiana nayo <unk> ni ya kipekee. Mchoro au sanamu ni mfano wa kitu kisichoweza kubadilishwa. NFTs dhidi ya mali zinazohusiana Ni muhimu mwanzoni kabisa kuwa na dhana sahihi ya NFT. NFTs ni cryptoassets, ambayo kwa upande wake ni tu entries database juu ya ledger kusambazwa, iliyoundwa na kumbukumbu kulingana na mali ya kanuni ya msingi (kiwango ishara). Wao kuwa na metadata ambayo hufafanua kitu chao kwa kutoa maelezo kuhusu yao. Hii kwa kawaida inajumuisha, kati ya mambo mengine: jina la NFT, anwani ya mkataba wa akili ambayo inasimamia umiliki na uhamisho wa NFT, na mali inayohusiana. "Kama vile, ""NFT"" inahusu URL ya URL ambayo inahusu mali inayohusishwa na NFT, kwa mfano." Kazi ya sanaa, digital collectible, muziki au video mali. Metadata yenyewe si kawaida kuwa na mali hii, kwa sababu kuchunguzwa hapa chini. Sehemu ya A: Umiliki na Uhifadhi Mara nyingi haijulikani ni haki gani ununuzi wa NFT unatoa kwa mnunuzi. Wamiliki wa NFT kwa ujumla hawafurahii haki kamili juu ya mali maalum - kama vile picha za dijiti - ambazo zinahusishwa na NFT zao. Kwa mfano, picha hapo juu inawakilisha moja ya LarvaLabs elfu kumi <unk> CryptoPunks <unk> hasa CryptoPunk # 6013. Kila moja ya tokeni elfu kumi zinazofanyiza sehemu ya mkusanyiko wa CryptoPunk inawakilishwa na CryptoPunk tofauti na sifa tofauti (kutoka kwa spishi maalum, kama vile nyani, wageni na wanadamu, kwa mtindo wa nywele na vifaa). Hata hivyo, mmiliki wa CryptoPunk hii maalum hana haki ya haki za mali ya akili (IPR) katika picha ambayo inahusishwa na kutumika kwa madhumuni ya kuwakilisha na kutambua NFT husika, kile mmiliki ana ni madai ya NFT yenyewe. Mtu yeyote anaweza kupakua nakala ya faili au kiungo kinachohusiana na mali yoyote ambayo NFT ni tokenizing, lakini mmiliki wa NFT tu anashikilia mkataba unaoonyesha haki zao za umiliki. NFTs zinahakikisha kuwa wewe ni mmiliki rasmi. Uhamisho wa IPR katika mali inayohusiana na mmiliki wa NFT ni uwezekano lakini inahitaji uhamisho rasmi (yaani. Ni lazima iwe kwa maandishi na saini na mtoaji. Kwa mujibu wa IPR katika NFT yenyewe, kama NFT ni metadata tu, hailindwi, kwa kuwa mali si kazi halisi ya awali wala nakala ya kazi, lakini tu toleo la tokenized, ambayo haina kuingiza kazi kamili katika blockchain, lakini ina URL tu iliyounganishwa nayo. Wazo kwamba mmiliki wa NFT ni de facto <unk> mmiliki <unk> wa mali inayohusiana <unk> bila matrix ya mkataba wa wazi inayopeana IPR husika <unk> ni dhana mbaya ya kawaida ya sasa karibu na NFTs. Kama mazoezi bora, tunapendekeza kufafanua haki zinazopatikana kwa wamiliki wa NFTs zao <unk> na kuziingiza katika maneno maalum ya umma <unk> ili kuepuka kuchanganyikiwa kwa soko na uharibifu wa sifa kwa mradi wowote. Usimamizi wa Haki katika Mifumo ya Kuhifadhi Faili ya Usambazaji (Na Nisani-Imutable) Kama ilivyoelezwa hapo juu, metadata ya NFT kawaida inajumuisha url inayoelekeza kwa mali inayohusiana. Kwa hivyo, ili kuwezesha utambulisho wa haraka, mali inayohusishwa kwa kawaida hupatikana na kuonyeshwa kama uwakilishi wa NFT inayohusishwa nayo, kupitia jukwaa linalotumiwa kupata NFT (kwa mfano, moja ya soko maalum ambalo NFTs hubadilishwa). Ingawa mali inayohusishwa haifai kuhifadhiwa kwenye mlolongo, kwa sababu ya mapungufu ya kuhifadhi data na mambo mengine yasiyofaa, ni mazoezi ya kawaida kwa waundaji wa NFTs kuhifadhi kwenye aina zingine za mifumo ya kuhifadhi faili iliyosambazwa (DFSS) - kwa mfano, Mfumo wa Faili ya Interplanetary (IFS). Wakati kuhifadhi mali kuhusishwa juu ya DFS ni kuvutia kwa wamiliki - kama inatoa trustless upatikanaji wa mali yoyote kama hiyo kuhusishwa - ni kweli inawakilisha hatari kwa upande wa mtoaji, hasa wakati mali kuhusishwa si mali ya mtoaji. Kwa sababu ya tabia ya nusu-immutable ya ufumbuzi kusambazwa na decentralized, inaweza kuwa vigumu sana - kama si karibu haiwezekani - kuchukua chini mali kuhusishwa mara moja kupakuliwa juu ya DFSS. Kwa hiyo, ni muhimu kwa washauri wa kisheria kuhakikisha kwamba wigo wa mamlaka ya kisheria ambayo mtoaji hupakia mali zinazohusiana kwenye DFS ni wazi, ambayo hupunguza hatari hii maalum kwa kuzingatia sifa maalum za kila aina ya DFS. Mfumo wa NFTs na mazingira ya udhibiti wa huduma za kifedha nchini Uingereza (NFTs and the FATF) Kama ilivyoelezwa hapo awali, FATF kuchapisha viwango kwa ajili ya udhibiti na usimamizi wa wawakilishi wa kifedha. "Kuhusu NFTs, katika mwongozo wake wa ""Mwongozo wa Uhalisi wa Njia ya Kutegemea Hatari: Mali ya Virtual na Watoa Huduma ya Mali ya Virtual"" iliyochapishwa mnamo Oktoba 21, 2021, inasema katika kifungu cha 53: ""Kutokana na sifa zao, kwa ujumla hazizingatiwi kuwa VAs chini ya ufafanuzi wa FATF." Hata hivyo, ni muhimu kuzingatia asili ya NFT na kazi yake katika mazoezi na si nini terminolojia au maneno ya masoko hutumiwa. Hii ni kwa sababu viwango vya FATF vinaweza kufunika, bila kujali usemi. NFTs ambazo kwa mtazamo wao hazionekani kuwa VAT zinaweza kuanguka chini ya ufafanuzi wa VAT ikiwa zinatumiwa kwa makusudi ya malipo au uwekezaji. NFTs ni uwakilishi wa dijiti wa mali zingine za kifedha zilizofunikwa tayari na viwango vya FATF. Mali kama hizo ni hivyo kutengwa kutoka FATF ufafanuzi wa VAT, lakini itakuwa kufunikwa na FATF Viwango kama aina hiyo ya mali ya kifedha. Kwa kuzingatia kwamba nafasi ya VAT inabadilika haraka, mbinu ya kazi ni muhimu hasa katika muktadha wa NFTs na mali nyingine za dijiti. "Kwa hivyo, nchi zinapaswa kuzingatia matumizi ya viwango vya FATF kwa NFTs kwa msingi wa kesi kwa kesi. ""Mnamo Oktoba 2018, FATF ilihitaji kwamba watoa huduma za mali ya virtual (VASP) wanadhibitiwa kwa madhumuni ya kupambana na uvujaji wa fedha na kupambana na ufadhili wa ugaidi (AML), kwamba wanapewa leseni au kusajiliwa, na chini ya mifumo ya ufanisi ya ufuatiliaji au usimamizi." Kwa hivyo, kuna hatari kwamba katika siku zijazo, majukwaa ya NFT yanaweza kuwa chini ya udhibiti kama VASP chini ya sheria husika za ndani zinazotekeleza viwango vya FATF kama vinatumika kwa VASP. Uchambuzi huu utakuwa maalum kwa ukweli na unahusisha kuzingatia aina za NFTs ambazo jukwaa linashughulika nazo na ikiwa zinapewa au zinakusudiwa kuwa uwekezaji (kinyume na, kwa mfano, vitu vya kukusanya ambavyo vinavutia mashabiki au wakusanyaji). Kwa hivyo, wataalamu wa sheria wanapaswa kuzingatia mahitaji ya kisheria ya ndani ambayo yanaweza kutumika kwa washiriki wa ikolojia ya NFT (kama wale wanaofanya kazi ya NFT drop au jukwaa la kubadilishana, watoaji au shughuli zingine zinazohusisha kukuza NFTs katika mamlaka). Kwa mfano, kuna hali ambazo haki zinazohusiana na NFT zinaweza kusababisha NFT hiyo kusimamiwa chini ya mfumo wa Uingereza. Ingawa hakuna sheria maalum za NFT au crypto nchini Uingereza, NFT zina, kwa ujumla, pointi nne kuu za kugusa na mfumo wa udhibiti wa Uingereza uliopo kama unavyotekelezwa na FCA na PRA. "Kutokana na sheria ya huduma za kifedha na masoko ya 2000 (shughuli zilizodhibitiwa) (RAO) ikiwa ishara zina ""uwekezaji maalum"" - chini ya Maagizo ya Masoko ya Vifaa vya Fedha (MiFID) ikiwa ishara zina ""vifaa vya kifedha"" - chini ya Sheria ya Fedha za Elektroniki ya 2011 (EMR) ikiwa ishara zina "" fedha za elektroniki "" - na ndani ya wigo wa Sheria ya Huduma za Malipo ya 2017 (PSR)." Kwa mujibu wa sheria na kanuni maalum za NFT, washiriki katika uwanja wa NFT wanapaswa kutathmini mradi wao dhidi ya mifumo ya juu kwa kutumia mwongozo uliotolewa na FCA katika taarifa yake ya sera ya Mwongozo wa Cryptoassets: Maoni na Mwongozo wa Mwisho kwa CP 19-3 (PS 192). Katika PS19-22, FCA inaweka mfumo unaofanana ambao aina mbalimbali za bidhaa za crypto katika soko zinapaswa kugawanywa kama "tokeni zilizodhibitiwa" au "tokeni zisizodhibitiwa." Katika hali hii, ishara za kudhibitiwa ni pamoja na: ishara za usalama, ambazo ni ishara ambazo zina kiasi cha uwekezaji maalum (bila fedha za elektroniki) chini ya RAO. Hii inajumuisha ishara hizo ambazo zinafikia "vifaa vya kifedha chini ya MiFID" na ishara za pesa za elektroniki, ambazo zinakidhi ufafanuzi wa pesa za elektroniki chini ya EMRs. Kama jina na maelezo inaonyesha, ishara umewekwa ndani ya perimeter udhibiti na makampuni kufanya shughuli umewekwa kuhusiana na ishara hizo itabidi kufuata mfumo husika udhibiti - ikiwa ni pamoja na kutafuta idhini ya kufanya shughuli hizo umewekwa. Token zote ambazo hazifai katika aina mbili za ishara za kudhibitiwa zinachukuliwa kuwa ishara zisizo na udhibiti ambazo hazina mwingiliano na mfumo wa udhibiti wa Uingereza. Jamii hii inajumuisha "tokeni za matumizi", cryptoassets na aina nyingine za tokeni za malipo ambazo zinaweza kutumika hasa kama njia ya kubadilishana. Kwa njia hiyo, NFTs zinatawaliwa kwa njia ile ile kama watangulizi wao wa ishara kama vile Bitcoin, Ether na altcoins zingine. "Kama ni kweli, ni muhimu kuzingatia ikiwa kila ishara ni moja ya aina za ishara zilizodhibitiwa kwa sababu ya kuanguka ndani ya RAO, MiFID, au EMRs.""" "Hii ni hatua ya pekee ya kuzingatia ikiwa ishara hizo zinaweza pia kuwa na ""toleo la huduma za malipo chini ya PSRs.""" Kwa mfano, kwa ajili ya ishara ya fedha, lazima kukidhi ufafanuzi wa moja ya aina 25 (wakati wa kuandika) ya uwekezaji maalum maalum katika RAO. Wengi wa haya <unk> ikiwa ni pamoja na mikataba ya mikopo ya nyumba iliyodhibitiwa, mikataba ya mpango wa mazishi, mikataba ya kukodisha ya watumiaji na kadhalika <unk> inaweza kufukuzwa mara moja. Lakini kuna baadhi ya uchambuzi kufanyika dhidi ya uwekezaji mwingine maalum kama vile hisa, chaguzi, siku zijazo, mikataba kwa ajili ya tofauti, nk, juu ya msingi wa kesi kwa kesi. "Kwa mfano, ikiwa NFT inawakilisha umiliki wa mali, inawezekana kwamba NFT inaweza, kwa kweli, kuwa sawa na uwakilishi wa ""hisa au hisa katika mtaji wa hisa wa chombo chochote cha kisheria (kwa vyovyote vile kilichoingizwa) na chombo chochote kisicho na kisheria kilichoanzishwa chini ya sheria ya nchi au eneo nje ya Uingereza,"" na hivyo kukidhi ufafanuzi wa ""hisa"" chini ya kifungu cha 76 RAO." Kwa mfano, NFTs zinazowakilisha umiliki wa sehemu ya mali ya msingi inaweza kuwa aina ya derivative ikiwa ni chaguo, siku zijazo au mkataba wa tofauti kama ilivyoainishwa chini ya RAO. NFTs pia hutoa haki ya mmiliki kupata au kuondoa hisa au uwekezaji wa mkataba. (i) fedha ya Uingereza au nchi nyingine yoyote au eneo; palladium, platinamu, dhahabu au fedha; iv. "Kama ilivyoelezwa katika kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 84, kifungu cha 8.""" Mkataba wa faida au hasara unaoundwa na kubadilika kwa thamani au bei ya mali ya aina yoyote, au index au sababu nyingine iliyoundwa kwa kusudi hilo katika mkataba (kwa hivyo kuifanya kuwa mkataba wa tofauti chini ya kifungu cha 85 RAO). Ikiwa haki za msingi za NFT zinahusisha NFT kukidhi ufafanuzi wa uwekezaji maalum, basi itakuwa muhimu pia kuzingatia ikiwa mtoaji au mmiliki (au chama kingine chochote kinachohusika katika mradi wa NFT) anafanya shughuli iliyodhibitiwa chini ya RAO. "Kutokana na sheria ya ""Financial Services and Markets Act"" (FSMA) ya mwaka 2000, hakuna mtu anayeruhusiwa kufanya kazi au kufanya kazi katika Uingereza isipokuwa kama yeye ni mtu aliyeidhinishwa au mtu aliyeondolewa." Hilo linajulikana kuwa marufuku ya jumla. "Kama ilivyoelezwa katika kifungu cha 22 cha Sheria ya Usalama wa Fedha, ""shughuli ni shughuli inayodhibitiwa kwa madhumuni ya Sheria hii ikiwa ni shughuli ya aina maalum ambayo hufanywa kwa njia ya biashara na (a) inahusiana na uwekezaji wa aina maalum, au (b) katika kesi ya shughuli ya aina ambayo pia imeelezwa kwa madhumuni ya kifungu hiki, hufanywa kuhusiana na mali ya aina yoyote." "Kama ilivyoelezwa katika kifungu cha 21 cha Sheria ya Uwekezaji ya Uwekezaji, ""kufanya shughuli za uwekezaji kama wakala"" (kifungu cha 14) ni pamoja na ""kufanya shughuli za uwekezaji kama wakala"" (kifungu cha 21) na ""kufanya mipango kwa lengo la mtu anayeshiriki katika mipango ya kununua, kuuza, kuandikisha au kuidhinisha uwekezaji"" (kifungu cha 25) ""kuhifadhi na kusimamia uwekezaji"" (kifungu cha 40) na ""kuanzisha mpango wa uwekezaji wa pamoja.""" """Kazi za kifungu cha 25 ni pana sana, na ni muhimu kufanya kazi kupitia yao na kutengwa muhimu kwa uangalifu ili kufikia hitimisho sahihi katika kila kesi." Kushindwa kufanya vizuri uchambuzi huu kunaweza kusababisha watu wanaohusika katika shughuli hizo kuvunja marufuku ya jumla, ambayo inazingatia adhabu za kiraia na za jinai. "Kulingana na kifungu cha 23 cha Sheria ya Fedha ya Uingereza, ""mtu anayevunja marufuku ya jumla ana hatia ya kosa na anaweza kuadhibiwa kwa kifungo cha miezi sita au faini ya kiwango cha juu cha kisheria au zote mbili, au kwa kifungo cha miaka miwili au faini ya jumla au zote mbili, ikiwa ni pamoja na masharti ya sheria ya Fedha ya Uingereza na sheria ya RAO.""" Mfumo wa MfDI unajumuisha vitu vilivyoainishwa katika Sehemu C ya Mkataba wa Derivatives, ikiwa ni pamoja na hisa, vyombo vya soko la fedha, sehemu katika biashara ya uwekezaji wa pamoja, na yoyote ya ufafanuzi wa jumla wa mikataba ya derivatives. Options, futures, swaps, forward rate agreements na mikataba mingine yoyote ya derivatives inayohusiana na dhamana, sarafu, viwango vya riba au mapato, vyeti vya uzalishaji au vyombo vingine vya derivatives, indices za kifedha au vipimo vya kifedha ambavyo vinaweza kusuluhishwa kimwili au kwa fedha. ii. Options, futures, swaps, forwards na mikataba yoyote ya derivatives kuhusiana na bidhaa ambayo lazima kusuluhishwa kwa fedha au inaweza kusuluhishwa kwa fedha kwa chaguo la moja ya pande, isipokuwa kwa sababu ya default au tukio jingine la kukomesha. iii. Options, futures, swaps, na mikataba mingine yoyote ya derivatives inayohusiana na bidhaa ambazo zinaweza kusuluhishwa kimwili, ikiwa zinahitajika, zinahesabiwa katika soko lililopangwa, MTF, au OTF, isipokuwa kwa bidhaa za nishati za jumla zinazoharibiwa kwenye OTF ambazo zinapaswa kusuluhishwa kimwili. iv. "Malipo ya ""mabadiliko ya siku zijazo,"" ""swaps,"" ""forwards"" na ""mkataba mwingine wowote wa derivatives"" unaohusiana na bidhaa, ambayo inaweza kusuluhishwa kimwili, ambayo haijatajwa vinginevyo katika kifungu cha 6 cha sehemu hii, na ambayo haifanyi kazi kwa madhumuni ya kibiashara, ambayo ina sifa za vyombo vingine vya kifedha vya derivatives." v. Vifaa derivatives kwa ajili ya uhamisho wa hatari ya mikopo. vi. Mikataba ya kifedha kwa ajili ya tofauti. (vii) "Mkataba wa ""forward rate"" ni mkataba wa derivatives, mkataba wa ""forward rate"" ni mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba wa mkataba." Ikiwa NFT ina haki katika mali ya msingi ambayo inaonekana na kuhisi kama yoyote ya ufafanuzi huu, basi uchambuzi kamili unapaswa kufanywa ili kuona ikiwa yoyote ya shughuli zifuatazo za MiFID (zilizoelezwa katika Sehemu A ya Mkataba wa I wa Mwongozo wa Uhalali wa Uhalali wa Uhalali wa Uhalali wa Uhalali) zinafanywa kuhusiana na NFT: Kupokea na kupitisha maagizo kuhusiana na moja au zaidi ya vyombo vya fedha. ii. Utekelezaji wa maagizo kwa niaba ya wateja. iii. Kushughulika kwa ajili ya akaunti yako mwenyewe. iv. Usimamizi wa Portfolio v. ushauri wa uwekezaji. vi. Uhakikisho wa vyombo vya fedha na/au kuwekwa kwa vyombo vya fedha juu ya msingi wa ahadi ya kudumu. (vii) Kuweka vyombo vya kifedha bila msingi wa ahadi thabiti. viii. Mfumo wa MTF ix. Uendeshaji wa OTF Ikiwa shughuli ya MiFID inafanywa kuhusiana na chombo cha kifedha, basi itakuwa muhimu kupata idhini katika mamlaka husika kufanya shughuli hiyo. Katika Uingereza, hii inamaanisha kupata idhini ya FSMA. "Kama ishara inakidhi ufafanuzi wa "" fedha za elektroniki "" katika EMR, basi FCA itachukulia ishara hiyo kuwa ishara ya pesa za elektroniki na kwa hivyo ishara iliyodhibitiwa." "Mfumo wa fedha za elektroniki ni ""kiwango cha fedha kilichohifadhiwa kwa elektroniki ambacho kinawakilisha madai juu ya mtoaji iliyotolewa wakati wa kupokea fedha kwa kusudi la kufanya shughuli za malipo zilizokubaliwa na mtu mwingine isipokuwa mtoaji ambaye hajatengwa na kanuni ya 3 ya EMR.""" "Kifungu cha 3 cha Sheria ya Fedha ya Ulaya kinataja ""kiasi cha fedha kilichohifadhiwa kwenye vyombo vinavyoweza kutumiwa kupata bidhaa au huduma tu katika au kwenye majengo ya mtoaji wa pesa za elektroniki.""" "Kwa mfano, ""mali"" ni thamani ya fedha inayotumiwa kufanya shughuli za malipo zilizofanywa kwa njia ya kifaa chochote cha mawasiliano ya rununu, digital au IT, ambapo bidhaa au huduma zinazonunuliwa zinatolewa na zinatumiwa kupitia kifaa cha mawasiliano ya rununu, digital au IT, ikiwa operator wa mawasiliano ya rununu haifanyi kazi tu kama mpatanishi kati ya mtumiaji wa huduma ya malipo na muuzaji wa bidhaa na huduma." Kama ilivyo na shughuli chini ya FSMA na MiFID, ni kosa kutoa fedha za elektroniki nchini Uingereza bila kuwa na mamlaka sahihi. "Kulingana na FSMA na MiFID, ikiwa kiasi cha pesa za elektroniki zinazotolewa kwa mwezi kwa wastani itakuwa chini ya € 5 milioni, basi itakuwa inawezekana kuomba kuwa "" Taasisi ndogo ya Fedha za Elektroniki "" na FCA, ambayo inamaanisha kuwa mfumo wa udhibiti wa kiungo ni rahisi zaidi kuliko kampuni inayostahili idhini kamili kama Taasisi ya Fedha za Elektroniki." Mfumo wa malipo ni moja ya aina ya shughuli za kisheria ambazo zinaweza kuingizwa na NFTs, na ni pamoja na huduma za malipo zinazodhibitiwa na PSRs. "Hii ni pamoja na: (a) huduma zinazoruhusu fedha kuwekwa kwenye akaunti ya malipo na shughuli zote zinazohitajika kwa ajili ya uendeshaji wa akaunti ya malipo; (b) huduma zinazoruhusu fedha kutoka kwa akaunti ya malipo na shughuli zote zinazohitajika kwa ajili ya uendeshaji wa akaunti ya malipo; (c) utekelezaji wa shughuli za malipo, ikiwa ni pamoja na uhamisho wa fedha kwenye akaunti ya malipo na mtoa huduma wa malipo wa mtumiaji au na mtoa huduma mwingine wa malipo." (i) kutekeleza shughuli za malipo kupitia kadi ya malipo au kifaa kama hicho; (d) kutekeleza shughuli za malipo ambapo fedha ni kufunikwa na mstari wa mkopo kwa ajili ya mtumiaji wa huduma ya malipo: i. kutekeleza malipo ya moja kwa moja, ikiwa ni pamoja na malipo ya moja kwa moja; ii. (i) kutekeleza shughuli za malipo kupitia kadi ya malipo au kifaa kama hicho; Utekelezaji wa uhamisho wa mkopo, ikiwa ni pamoja na maagizo ya kudumu; e. kutoa vyombo vya malipo au kupata shughuli za malipo; f) uhamisho wa pesa; g) huduma za kuanzisha malipo; h) huduma za habari za akaunti. Utoaji wa huduma za malipo nchini Uingereza pia utahitaji biashara kupata idhini kutoka kwa FCA. "Kama ilivyo kwa EMRs, biashara zilizo na mauzo ya malipo ya wastani ambayo hayazidi € 3 milioni kwa mwezi na ambazo hazitoi huduma za habari za akaunti (AIS) au huduma za kuanzisha malipo (PIS) zinaweza kujiandikisha na FCA kama ""Mashirika madogo ya malipo"" badala ya kutafuta idhini kamili." Uchambuzi unaopaswa kufanywa ni kuamua ikiwa kutoa au kushikilia NFT ni sawa na utoaji wa moja ya huduma za malipo, ambayo uwezekano mkubwa itakuwa kama chombo cha uhamisho wa pesa kulingana na matumizi ya msingi ya ishara inayohusika. Kwa biashara yoyote inayohusika katika shughuli na NFTs, ni muhimu pia kuzingatia kwamba mahitaji ya kupambana na uvujaji wa fedha yanaweza kutumika kwa shughuli zao, tofauti na mwongozo wa FATF uliotangazwa hivi karibuni uliochukuliwa hapo juu, ambayo inaweza kuathiri tafsiri au matumizi ya mahitaji ya kupambana na uvujaji wa fedha katika siku zijazo. Kampuni zinazofanya shughuli za crypto nchini Uingereza zinahitaji kusajiliwa na FCA kabla ya kufanya biashara hiyo. Sheria hiyo inategemea sheria za Ufugaji wa Fedha, Ufadhili wa Ugaidi na Uhamisho wa Fedha (Ujumbe wa Mlipaji) 2017. Kwa madhumuni ya MRLs, shughuli za crypto-asset zinamaanisha, kwa mujibu wa kanuni 14A ya MRLs, kampuni au mtendaji wa pekee ambaye kwa njia ya biashara hutoa moja au zaidi ya huduma zifuatazo, ikiwa ni pamoja na wakati kampuni au mtendaji wa pekee hufanya hivyo kama muundaji au mtoaji wa yoyote ya crypto-assets zinazohusika. - kubadilishana, au kupanga au kufanya mipango kwa ajili ya kubadilishana, cryptoassets kwa fedha au fedha kwa cryptoassets; kubadilishana, au kupanga au kufanya mipango kwa ajili ya kubadilishana, moja cryptoasset kwa mwingine; au - kuendesha mashine ambayo hutumia taratibu za kiotomatiki kubadilishana cryptoassets kwa fedha au fedha kwa cryptoassets. "Kampuni au mtendaji mmoja ambaye kwa njia ya biashara hutoa huduma za kulinda, au kulinda na kusimamia: - cryptoassets kwa niaba ya wateja wake; au - funguo za kibinafsi za cryptographic kwa niaba ya wateja wake ili kushikilia, kuhifadhi na kuhamisha cryptoassets, wakati wa kutoa huduma hizo. ""Katika muktadha huu, cryptoasset inamaanisha ""wakilishi wa dijiti uliohifadhiwa kwa cryptographically wa thamani au haki za mkataba ambazo hutumia aina ya teknolojia ya usambazaji wa ledger na zinaweza kuhamishwa, kuhifadhiwa au kuuzwa elektroniki.""" Kwa hivyo, ni uwezekano mdogo kwamba MLRs itachukua msanii wa NFT au mradi unaotumia kubadilishana kwa NFT kama vile OpenSea, lakini badala yake itachukua kubadilishana au wamiliki wa mkoba wenyewe. Hata hivyo, wataalamu wa sheria wanapaswa kufuatilia na kutumia tafsiri na matumizi ya mwongozo wa FATF unaotajwa hapo juu ambao unaweza kubadilisha msimamo katika siku zijazo. Waandishi: Omri Bouton (Sheridan), Will Foulkes, Gareth Malna (Stephenson Law LLP), Anne Rose, Niki Stephens na Sian Harding (Mishcon de Rhea LLP). Hii Practice Note ni msingi juu ya The Law Society ya karatasi ya awali <unk>Blockchain: Sheria na Udhibiti Mwongozo<unk>, na imekuwa re-formated na ruhusa ya aina. Ripoti ya awali inaweza kupatikana kwa ukamilifu hapa.