The results of the investigation will likely conclude in regulation proposals and will be reviewed by the Treasury.
“This inquiry will also help Parliament understand the opportunities presented by an exciting new technology which could democratize how assets are bought and sold,” committee chair Julian Knight said in the release.
Prime Minister Rishi Sunak proved a proponent of NFTs in his previous role as Chancellor of the Exchequer when he“NFT regulation in the UK is largely non-existent,” the parliament committee added. Crypto regulation in the UK is currently limited to anti-money laundering compliance required to register with the Financial Conduct Authority before a crypto firm can acquire a license.
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