DCMS Committee launches inquiry about NFTs and the blockchain

November 7, 2022

The House of Commons DCMS Select Committee is holding an inquiry into the operation, risks, and benefits of Non-Fungible Tokens (NFTs) and the wider blockchain. The Committee plans to consider whether NFT investors, especially vulnerable speculators, are put at risk by the market. The inquiry may also investigate the wider benefits that NFTs and the blockchain could provide the UK economy. The Committee says that NFT regulation in the UK is largely non-existent. The inquiry into NFTs and the Blockchain will examine whether more regulation is needed, ahead of a Treasury review.

The DCMS Committee is inviting written evidence on the following questions:

  • Is the UK’s light-tough NFT regulation sufficient?
  • What are the potential harms to vulnerable people of NFT speculation?
  • Do blockchains offer security to British investors?
  • What are the potential benefits to individuals and society of NFT speculation?

As well as this inquiry, the Treasury Committee has also been considering the wider issue of cryptoassets. It completed its inquiry in September and a report will be issued in due course.