NFTs' ‘Wild West' Days Are Numbered As Global Regulation Looms

Driven by concerns over potential fraud, intellectual property theft, tax evasion, and money laundering, governments all around the world are looking at ways to regulate digital currencies and non-fungible tokens (NFTs). Nations have taken vastly different approaches depending on who's in charge, how they characterize NFTs, and how bullish their outlook is on digital currencies. While some countries such as China have taken a more conservative approach, El Salvador, for example, made cryptocurrency legal tender in their country last fall, in defiance of criticism from the International Monetary Fund (IMF). US President Joe Biden is now marshaling federal regulatory agencies in preparation for an executive order that will discuss crypto in terms of national security and law enforcement