OpenSea Disables Trading of BAYC NFT Due to Singapore Court Action
The increase in trading activity and upward trend in NFT prices also fueled a rise in illicit activity. Governments responded to rising illegal activity, with the UK calling for greater regulatory oversight, not just of cryptos, but also NFTs. US lawmakers also responded, by clamping down on illegal activity.
With a global regulatory framework yet to be in place, however, illegal activity remains a bugbear for NFT collectors and lawmakers.This week, the Singapore Courts delivered a message to those thinking NFTs are beyond the realms of the law.The NFT owner, Janesh Rajkumar, managed to get a Singapore High Court worldwide injunction to freeze the sale and the ownership transfer of the Ethereum (ETH) based Bored Ape Yacht Club NFT.
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