Crypto: In the United Kingdom, a new law on digital assets

A committee of the British parliament has taken the initiative to carry out an investigation into non-fungible tokens (NFTs). This investigation will mainly consist of assessing the risks and consequences of NFTs. Beyond the actual investigations, the ultimate objective will be to make proposals for good coordination of NFTs. It is important to remember that so far there is no NFT coordination in the UK.

UK MPs weigh in on NFT regulation

UK parliamentary group to investigate risks and benefits of NFTs

Non-fungible tokens (NFTs) are still unregulated within the UK. Obviously, this situation is becoming intriguing and elected officials have understood this. In the aftermath, a parliamentary committee decided to look into the matter. This parliamentary group would like to lay the groundwork for a future regulation in an unregulated market. To do this, elected officials in the lower house will examine the risks and benefits attached to NFTs.

To be more precise, it will be a matter for them to check whether the current market does not expose the NFT investors and even the vulnerable speculators. It’s here parliamentary commission for digital and culture of parliament which has just made this information public via a press release. It is she who is piloting this project from start to finish.

The long-term goal is to make regulatory proposals on the basis of the results obtained during the investigation. After which, these proposals will be submitted to the Treasury for a thorough examination.

In the press release made public, the chairman of the committee, Julian Knight, gave more details about the investigation. “This inquiry will also help Parliament understand the opportunities offered 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 subject of NFTs does not only interest the parliament in Great Britain. As a reminder, Laughhey Sunakthe current British Prime Minister, said he was ready to issue an NFT with the Royal Mint of Great Britain when he was still Chancellor.

Conclusion

When justifying this survey project on NFTs, elected officials would have underlined the total absence of regulation. The only legal framework currently in force is that which is limited to respecting compliance and the fight against money laundering to have a license from the Financial Conduct Authority, the British equivalent of the AMF.

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