UK Government responds to NFT/blockchain report
January 12, 2024
By Colin Mann
The Culture, Media and Sport Committee of the UK House of Commons has published the Government response to its report on the risks to sport and culture of non-fungible tokens (NFTs) and the blockchain.
The report, published in October 2023, warned that the emergence of NFTs in the world of art has led to the risk of widespread copyright infringement, while the promotion of crypto assets in professional sport is putting supporters at risk of financial harm and potentially damaging the reputations of clubs.
In its response, the Government rejects the Committee’s call for a new code of conduct to protect creators, consumers and sellers from infringing and fraudulent material on NFT marketplaces, instead pledging to continue to ‘monitor developments’.
“The Government’s decision to take a ‘wait and see’ approach on cryptocurrency means that the issues in the creative industries and sport, such as rampant copyright infringement and fraudulent advertising, will continue to negatively impact consumers and sports fans,” warns Dame Caroline Dinenage MP, Chair of the CMS Committee.