On May 6, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a cryptocurrency mixer, Blender.io, as a Specially Designated National (SDN). That sanction follows a series of enforcements and sanctions which we have previously discussed here and here.
Reid is the Managing Partner of Sheppard Mullin's London office, practicing in international trade regulations and investigations.
With the advent of blockchain technology, vendors are increasingly accepting payments of goods, including artwork, with digital currency. The decentralized nature of digital currency makes it attractive for a lot of reasons, but it also makes legal oversight a challenge. Add to that the emerging (or already emerged) high-value market for digital art. For example, Beeple’s Non-Fungible Token (“NFT”) collection sold for more than $69 million at an auction, and a CryptoPunk NFT sold for $23 million.
Continue Reading Money Laundering and High-Value Art: Treasury’s Study Discusses Financial Crimes and NFTs
*This is an updated version of the Global Trade Law Blog’s December 10th post .
- Emerging technology sectors are being reviewed now for new export controls that could take effect in 2019 (list below).
- You may submit comments on the criteria the U.S. government will use to determine what technologies are subject to export controls.
- The deadline for comments has been extended to January 10, 2019.
- We can help.