Facebook X (Twitter) Instagram
    Crypto AcademyCrypto Academy
    • Home
    • News
    • Price Predictions
    • Price Analysis
    • NFTs
    • Learn
    • Press Releases
    • Coins
      • Bitcoin
      • Ethereum
      • Cardano
      • Safemoon
      • Dogecoin
    • Advertise on Crypto Academy
    Facebook X (Twitter) Instagram Telegram
    Crypto AcademyCrypto Academy
    Home»News»Inquiry Into the Advantages and Disadvantages of NFTs is Launched by a UK Parliament Committee
    News

    Inquiry Into the Advantages and Disadvantages of NFTs is Launched by a UK Parliament Committee

    Atis. ShBy Atis. ShNovember 4, 2022Updated:November 4, 20222 Mins Read
    As a first step approaching the nation's first NFT regulation, a panel inside the UK's House of Commons initiated an inquiry into the advantages and disadvantages of non-fungible tokens.
    Share
    Facebook Twitter LinkedIn Email Reddit Telegram WhatsApp

    As a first step approaching the nation’s first NFT regulation, a panel inside the UK’s House of Commons initiated an inquiry into the advantages and disadvantages of non-fungible tokens.

    Parliamentarians will investigate if NFT investors, particularly susceptible speculators, are put in jeopardy by the market, according to a statement from the committee in charge of the investigation, Digital, Culture, Media & Sport.

    The investigation’s findings will probably lead to regulation suggestions, which the Treasury will examine.

    Julian Knight, the Chair of the committee, noted that “this inquiry will also help Parliament understand the opportunities presented by an exciting new technology which could democratize how assets are bought and sold.”

    When he announced the intention to issue an NFT together with the UK’s Royal Mint while serving as Chancellor of the Exchequer, Rishi Sunak, the Prime Minister, demonstrated his support for NFTs. 

    The committee of the parliament also noted that there is little to no NFT legislation in the UK. In order for a cryptocurrency firm to be granted a license, it must first comply with the Financial Conduct Authority’s anti-money laundering regulations.

    The Financial Markets and Services Bill, which was approved by the House of Commons the week before, is one regulation that is anticipated to strengthen a more thorough framework for regulating cryptocurrency.

    Previous ArticleMusk Putting Twitter’s Cryptocurrency Aspirations on Hold Dampened the Price of DOGE
    Next Article Irrespective of Decreasing Q3 Revenue, Coinbase Discloses Increased User Numbers 

    Related Posts

    Impressive Inflows for Solana in 2023

    XRP Surge: SEC Appeal Denied, Singapore License Secured

    Visa To Invest $100M in Generative AI

    Impressive Inflows for Solana in 2023

    October 4, 2023

    XRP Surge: SEC Appeal Denied, Singapore License Secured

    October 4, 2023

    Visa To Invest $100M in Generative AI

    October 3, 2023

    Binance CEO CZ Faces Legal Action Over Alleged Use of Twitter to ‘Hurt FTX’

    October 3, 2023

    Chainalysis Lays Off 15% of Staff Amid Crypto Job Shift to AI

    October 3, 2023
    Facebook X (Twitter) Instagram Telegram RSS
    • Home
    • Advertise on Crypto Academy
    • Terms and Conditions
    • Privacy Policy
    © 2023 Crypto-Academy.org. All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version