Gherson Solicitors’ criminal litigation, investigations and regulatory team advised MusicArt, the only planet-friendly Non-Fungible Token (“NFT”) market place where music artwork reigns supreme, on legal and regulatory compliance with Anti-Money Laundering (“AML”) law and regulations.
AML regulatory advice
As is the case with the implementation of any new technology, expert guidance is required to steer through the corresponding regulatory and compliance issues. This includes ensuring compliance with relevant AML law and regulations. Combining a deep understanding of cryptoassets and blockchain technology along with an expert knowledge of all applicable law and regulations Gherson Solicitors’ criminal litigation, investigations and regulatory team were proud to advise MusicAct on ensuring legal and regulatory compliance with all relevant provisions.
What is MusicArt?
MusicArt is “a new way to discover music, introducing fans to the artwork first and then song second, bringing back the importance of the album art. Minted by a team of music industry experts resurrecting the once-common belief that an album’s artwork is nearly as important as the music it wraps, MusicArt lets musicians mint limited edition digital collectibles out of the album and single artwork, autographs, and posters. The NFTs can be one-offs or multiple limited editions of up to 1,000 or more. It is all up to the MusicArtist.
MusicArt relies on NFT technology, giving artists the chance to sell their visual output as a NFT, fostering a new stream of income and helping them attract new fans.”
This is from MusicArt’s press release:
Music Industry Executives and Rock Legends Come Together to Launch New Digital Marketplace MUSICART
Three Music Industry executives have come together to launch a ground-breaking platform, MusicArt, which uses cutting edge blockchain and NFT technology to revolutionise the way we appreciate music artwork, old and new.
“MusicArt is a unique new NFT platform focused solely on celebrating music-based art and imagery, making it the perfect environment for musicians to trade their visual art without fear of it being lost in a sea of NFTs in unrelated genres on other platforms.” – Peter Ruppert, CEO MusicArt
By running on the BSV blockchain, MusicArt is primed as the industry frontrunner in terms of royalty payment systems and environmentally friendly operating systems. Using 10,000 times less energy than Ethereum, and beating out leading banking and financial systems, BSV enables MusicArt to work ‘On-Chain’ meaning that all NFTs and corresponding metadata are minted as STAS tokens stored directly on the blockchain, and also the artwork itself is stored on the blockchain. This non-custodial service puts power back in the hands of users allowing them to trade directly from their wallets without the need for intermediaries. Built by Vaionex, MusicArt is the first NFT marketplace using TAAL’s STAS token technology, directly preventing loss of access to user’s art in the event that third-party hosts go down.
By operating on-chain, MusicArt is also able to pay out royalties instantly to creators and artists. Where other marketplaces manage royalties manually resulting in infrequent and random pay-outs, MusicArt users can be reassured by a reliable and secure payment system. Creators on the platform will earn income from initial sales of their NFTs, as well as instantaneous royalties (10-20%) on any resale on the service.
MusicArt has also featured in a recent article
How Gherson can assist
Gherson’s white-collar crime and regulatory team can provide expert advice with regards to compliance with AML regulations, including with regards to the cryptoasset and blockchain space.
In addition, Gherson’s white-collar crime and regulatory team has recently started a series on the regulation of crypto, with the aim of advising those who work in the compliance of this sector.
In addition, for those who would like advice on relevant issues, including those who have had issues with the FCA registration process, our specialist regulatory and compliance team can guide individuals and companies through the process. If you have any questions arising from this blog, please do not hesitate to contact us for advice, send us an e-mail, or alternatively, follow us on Twitter, Facebook, or LinkedIn to stay-up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
©Gherson 2022