A guide to Non-Fungible Tokens (NFTs), 2023 - Flipbook - Page 25
It remains to be seen what implications this will have for EU law when MiCA
is formally adopted. In addition, it is unclear to what extent the UK will also
reflect these provisions in domestic law but, nonetheless, MiCA should give
some guidance as to the trajectory of NFT regulation.
In November 2022, the Digital, Culture, Media and Sport (DCMS) Committee
launched an inquiry and a call for evidence in relation to NFTs and the blockchain.
The inquiry will look into the operation, risks and benefits of NFTs and the wider
blockchain. MPs are expected to consider whether NFT investors, especially
vulnerable speculators, are put at risk by the market. The inquiry is likely to
examine whether more regulation is needed, ahead of a Treasury review. For
more information, see Legal update, DCMS Committee launches inquiry into
NFTs and the blockchain.
Other areas of regulation
Other potential areas for regulation which are currently outside the scope of
this note include:
•
•
Regulation of NFTs within the gambling regulatory landscape.
Taxation of NFTs.
24
