Finally a bill on NFT regulation?

Sat 05 Nov 2022 ▪ 19:00 ▪
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Cédrick Aimé GUELANG OFALABEN

A British parliament commission took the lead in carrying out a non-fungible token investigation (NFT). This investigation will mainly consist of assessing the risks and consequences of NFTs. Beyond the actual investigations, the ultimate goal will be to formulate proposals for a good coordination of NFTs. It is important to remember that there is no NFT coordination in the UK so far.

British MPs intervene on NFT regulation

UK Parliamentary Group to Investigate the Risks and Benefits of NFTs

Non-fungible tokens (NFTs) are not yet regulated in the UK. Obviously, this situation is becoming intriguing and the elect have understood it. Later, a parliamentary commission decided to investigate the matter. This parliamentary group would like to lay the foundations for a future regulation in an unregulated market. To do this, elected lower house officials will examine the risks and benefits associated with NFTs.

To be more precise, it will be up to them to check if the current market does not exhibit the NFT Investors and also the vulnerable speculators. It’s here Parliamentary Commission for Digital and Culture of parliament that has just made this information public in a press release. It is she who leads this project from start to finish.

The long-term goal is to formulate regulatory proposals based on the results obtained during the survey. After that, these proposals will be submitted to the Treasury for in-depth examination.

In the press release issued, the chairman of the committee, Giuliano Cavaliere, provided more details on the investigation. “This survey will also help Parliament understand the opportunities offered by exciting new technology that could democratize the way goods are bought and sold,” said the chosen one. It should be noted that the issue of NFTs is not only of interest to parliament in Great Britain. As a reminder, Rishi 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

In justifying this NFT investigation project, elected officials would have pointed out the total absence of regulation. The only legal framework currently in place is one that is limited to complying with compliance and combating money laundering to obtain a license from the Financial Conduct Authority, the UK equivalent of MFA.

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Cédrick Aimé GUELANG OFALABEN avatar
Cédrick Aimé GUELANG OFALABEN

PhD student in financial law and expert SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. Thanks to his articles he naturally participates in the daily blockchain revolution for a better democratization of DeFi.

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