The consultation and call for evidence was issued in April, following a report by the Treasury that it intends to regulate digital asset-related activities under the existing U.K. regulatory regime.
As part of its plan to curb financial fraud, the U.K. mulls banning digital asset-related cold calls, which could have a huge impact considering the contribution of such assets to the economy.
The incoming regulations are not designed to stifle innovation but will provide more opportunities to service providers, according to Economic Secretary to the U.K. Treasury Andrew Griffth.
Tasked to develop the NFT in 2022, the Royal Mint is dropping the plans but keeping the proposal under review, and opposition leaders have supported the move.
After its second reading of the Financial Services and Markets Bill, members of the British House of Lords have voiced concerns that it does not go far enough and that a whole new regulatory approach will be required.
