Sat 5 November 2022 ▪ 19.00 ▪
my read – by
A committee of the UK Parliament has initiated an inquiry into non-fungible tokens (NFTs). This study will mainly consist of assessing the risks and consequences of NFTs. In addition to the actual studies, the final goal will be to come up with proposals for good coordination of NFTs. It is important to remember that there is currently no NFT coordination in the UK.
UK Parliamentary Group to Investigate the Risks and Benefits of NFTs
Non-fungible tokens (NFTs) are still unregulated in the UK. Clearly, this situation is getting exciting, and elected officials have understood this. In the wake of a Committee of the Folketing decided to investigate the matter. This parliamentary group would like to lay the foundation for one future regulation in an unregulated market. To do this, elected officials in the House of Commons will examine the risks and benefits associated with NFTs.
To be more precise, it will be a matter for them to check whether current market does not delay NFT investors and even vulnerable speculators. It is here Parliamentary Commission for Digital and Culture by Parliament, which has just published this information via a press release. She is the one piloting this project from start to finish.
The long-term goal is to come up with legislative proposals based on the results obtained during the investigation. These proposals will then be submitted to the Treasury for a thorough investigation.
In the published press release, the chairman of the committee said, Julian Knight, provided more details about the study. “This study will also help Parliament understand the opportunities presented by an exciting new technology that could democratize the way assets are bought and sold,” said the chosen one. It should be noted that the topic of NFTs is not only of interest to the UK Parliament. As a reminder, Rishi Sunakthe current British Prime Minister, said he was ready to issue an NFT with Royal coin of Great Britain when he was still Chancellor.
When the elected officials justified this research project on NFTs, they would have emphasized the total absence of regulation. The only applicable legal framework is that limited to respect for compliance and anti-money laundering in order to have a license from the Financial Conduct Authority, the UK equivalent of the AMF.
Receive an overview of news in the world of cryptocurrencies by subscribing to our new service atdaily and weekly so you don’t miss any of the Cointribune essentials!
PhD student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading etc. Naturally, thanks to his articles, he participates in the daily blockchain revolution for a better democratization of DeFi.