UK Parliament Initiates Inquiry Into NFTs

UK Parliament Starts Inquiry Into NFTs

November 4, 2022 November 4, 2022

The Digital, Culture, Media & Sport Committee of UK parliament started an inquiry into NFTs

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The DCMS Committee in UK Parliament says UK regulation of NFTs is non-existent

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The Committee also announced an initiative to study the wider blockchain technology that underpins NFTs.

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“MPs are expected to consider whether NFT investors, especially vulnerable speculators, are put at risk by the market,” the Committee said.

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Trading of NFTs has dried up this year as crypto prices fell

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Rishi Sunak, who took oath as UK Prime Minister last month, emerged as a key crypto champion.

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In April, he announced that he’d instructed the Royal Mint to create an NFT.

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