A group in the UK’s House of Commons is now planning to launch an inquiry into the operation, risks, and benefits of NFTs and the blockchain at large, as well as to see how the industry could impart the UK economy.
Taking the first move to regulate NFTs, the Members of parliament or MPs will examine whether NFT investors, especially vulnerable speculators, are put at risk by the market.
“NFTs swept through the digital world so fast that we had no time to stop and consider,” said Julian Knight, Chair of the DCMS Committee. Julian added, “Now that the market is veering wildly, and there are fears that the bubble may burst, we need to understand the risks, benefits, and regulatory requirements of this groundbreaking technology.”
Particularly, the outcome of the investigation is most likely to be concluded in regulation proposals that the Treasury will review.
Per the announcement, Julian Knight believes investors,…
