Are NFTs illegal?
No, NFTs are generally legal in Germany as there is no law prohibiting NFTs.
However, the utility connected to the NFT might be illegal if this is something that is
prohibited by law. For example, offering NFTs for illegal gambling or illegal drugs is illegal
because the underlying utility (access to illegal gambling or illegal drugs) is illegal.
NFTs are not illegal. The current Dutch regulation does not contain any specific prohibition
regarding NFTs. However, certain transactions with NFTs may be illegal. This is for example the
case if money laundering and/or terrorist financing is involved.
We do not have any distinct legal framework for NFTs and NFTs are not presently considered
illegal in India.
Whether NFTs are classified as contracts or commodities or securities or intangible assets, or
regulated by the laws related to the aforesaid depending on the nature of a specific NFT, are
questions that remain unsolved in India at the moment.
Because there is no law expressly forbidding the same in Nigeria as of now, NFTS
are not illegal. What has been prohibited is crypto currencies in Nigeria. Even
then, the prohibition is not a direct law, but the regulation of the CBN. Although
not yet challenged, the proprietary of the CBN prohibition is a growing
Currently, in Poland, there is no legal framework directly addressing NFTs and their legal recognition. This said, there are also no laws that state that minting/selling/purchasing or any other types of transactions with the use of NFTs are illegal. Only transactions concerning NFTs which directly violate the general principles of the law (eg. AML rules / criminal law provisions / GDPR rules) are considered illegal. However, this is true for any type of transaction, whether with the use of NFTs or not.