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Are NFTs a way out of financial regulation?

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In recent months we have seen non-fungible token rush, known as NFTs (Non-Fungible Tokens). Every day we wake up with a lot of news about NFT works of art, football stars, curious objects or celebrities. In addition, there is an ongoing debate about whether this fever is just a bubble, a fad, or whether it really makes sense to own a work of art in the digital world.

To this debate was added another one, of a regulative nature, about what will be the legal regime of the NFC and related service providers (primarily the issuers and platforms on which they are offered and traded). Because the rule that will govern cryptoassets and their service providers (known as MiCA, for cryptoasset markets) pending in Brussels excludes the NTF from its scope, as did the recent CNMV circular on advertising cryptoassets.

Therefore, the classification of an NFT token that is issued or on which a service is provided will place it outside the regulation of crypto assets. We think this represents an important competitive advantage as they do not have to comply with a strict…

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