BORED APE 9564 seen on smartphone - Bored Ape Yacht Club consists of unique digital collectibles (considered speculative, and costing over $100K on average) living on the Ethereum blockchain - owners gain access to an online club and exclusive in-person events. Image: mundissima/Shutterstock.com
By: FEDweek StaffThe Office of Government Ethics has issued guidance on the financial disclosure requirements related to non-fungible tokens (NFTs) that represent ownership of collectible virtual items and fractionalized non-fungible tokens (F-NFTs) representing a share in ownership of such items.
Federal employees who file publicly viewable financial disclosures “must disclose ownership of collectible NFTs and F-NFTs when those assets are held for investment or production of income and are worth more than $1,000 at the end of the reporting period, or if they produce over $200 in income in the reporting period. Public financial disclosure filers must also disclose purchases, sales, and exchanges of collectible NFTs and F-NFTs that qualify as securities,” it says.
The guidance lists a series of questions—similar to policies governing other types of collectibles—to be answered in determining whether such an item is owned solely for personal or household use, in which case reporting is not required, or as an investment or for production of income.
It adds, though, that reporting is required if the item actually produced more than $200 in a reporting period even if it was not purchased for revenue-generating purposes, and that F-NFTs “are almost always held for investment or production of income and therefore must generally be reported.”
The OGE added that although the guidance focuses on public financial disclosures, the provisions related to reporting of collectible non-fungible tokens and fractionalized nonfungible tokens as interests in property are “equally applicable” to the much larger number of employees who file confidential financial disclosure reports.
“Confidential financial disclosure filers are not, however, required to report purchases, sales, and exchanges of any security, unless required through agency-specific supplemental financial disclosure regulations and alternative confidential filing obligations,” it said.
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