Latvian citizen could get 12 years in prison for money laundering with NFTs

Latvian developer and artist Ilya Borisov is about to be put on trial - according to investigators, he used collectible tokens to launder 8.7 million euros.

Borissov has launched his own website called Art is a Crime, which talks about how the Latvian government froze his accounts without notice. A criminal case against the artist was opened in February, but Borisov found out about this, according to him, only in May.

The site says that the Latvian sold 3,557 NFTs and earned more than 8 million euros. At the same time, he did not hide from taxes and turned to the relevant department for clarification. In 2021, he paid 2.2 million euros in income tax.

Borisov is currently being prosecuted and could receive up to 12 years in prison for money laundering on a large scale. At the same time, none of the prosecutors in charge of the case contacted the suspect. The developer stressed that he did not agree with the prosecution and would seek justice. He acknowledged that the case significantly affected him morally. In addition, he fears that the Russian military operation in Ukraine may affect the decision of the judges - Ilya Borisov is Russian by nationality.

In conclusion, the artist emphasized that the blockchain provides many opportunities for artists, but regulators limit these opportunities too much.

At the end of last year, another Latvian citizen, Ivars Auzins, ran into
with SEC charges. The American regulator accused Ivars of creating cryptocurrency fraudulent schemes.