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UK Parliamentary Committee wants public feedback on NFTs

 


The UK Parliamentary Committee on Digital, Culture, Media and Sport (DCMS) is asking for public feedback on the opportunities and risks of Non-Fungible Tokens (NFT) and blockchain.


According to a related announcement on November 4th, the request for feedback is prompted by the sudden growth of the NFT market and the accompanying concern that it could be a speculative bubble. According to the committee, NFTs are "largely unregulated" and should be examined before the Treasury makes any proposals.



"NFTs have come into the digital world so quickly that we haven't had time to delve into them in depth," states committee chair Julian Knight. He adds: "Now the market is crashing wildly and there are concerns that the bubble will burst, which is why we want to understand the opportunities and risks in order to be able to bring in the right regulation for this innovative technology."


The MP goes on to say:


“Our request for feedback is intended to show whether we need comprehensive regulation to protect investors and markets from these volatile financial products. At the same time, the question is intended to help Parliament understand the opportunities presented by this exciting technology that could democratize the buying and selling of assets.”

The Committee is now inviting the public to provide comments, opinions and concrete examples on the opportunities and risks NFTs pose to the UK economy by the 6 January 2023 deadline. DCMS concludes that global NFT sales were worth $17 billion in 2021 and are down a whopping 90% as of March 2022.


At the same time, UK politicians have taken the next step towards passing the proposed Financial Services and Markets Bill , which will also overhaul the legal framework governing cryptocurrencies and stablecoins. Meanwhile, the new Prime Minister Rishi Sunak is considered a friend of blockchain and crypto, so a few months ago he called for the creation of the so-called Royal Mint NFT and spoke out in favor of a separate central bank digital currency (CBDC).

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