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Will UK’s latest attempt at regulating the NFT market do more harm than good

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A group of the Digital, Culture, Media and Sport (DCMS) Committee members from the UK Parliament decided to lauch an inquiry into NFTs. DCMS launched an investigation into the operations, risks, and benefits of NFTs. The reason for the inquiry being the sudden development of the NFT space. This was due to the ever-growing and […]

Most crypto-related activities in the UK aren’t regulated by the Financial Conduct Authority , the country’s financial regulator. This was despite crypto exchanges required to register with the body in the UK. The bill seeks to expand the rights of the FCA for an extensive monitoring of the cryptocurrencies and other digital assets.The inquiry statement also underlined the shift in the NFT industry.

Furthermore, UK’s new Prime Minister Rishi Sunak has also expressed support for the crypto industry. While he was the Chancellor of the Exchequer in April 2022, he“It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”

The statement was issued when the HM Treasury introduced measures to recognize stablecoins as a valid form of payment and work with the Royal Mint on an NFT.Subscribe to get it daily in your inbox.

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