Abstract
Non-Fungible Tokens (NFTs) is a new virtual asset phenomenon the trade of which has spread quickly without any regulationas no legislation has been adopted in the EU, USA or the UK where the majority of NFT trading takes place. Concerns have been raised about NFTs and their relation to fraud and money launderingasanonymity and price volatility of NFTs create a unique and profitable asset for criminals. This paper addressestwomain issues: (1) trading statistics on NFTs,their analysis,and if and to what extent NFTs are used for financial crimes purposes; and (2) the legal challenges posed by the misuse of NFTs for fraud and other economic crimes. The final section of this paper provides feasible regulatory and business solutions that can help businesses to mitigate risks emanating from NFTs. It is argued that legal scholars, businesses and/or regulators cannot solve the challenges and risks posed by NFTs on their own, requiringmultidisciplinary research from academia and knowledge exchange between private and public stakeholders to close this gap.
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