Britain Will have Its Own Official NFT This Summer - Forex News by FX Leaders
UK crypto regulations

Britain Will have Its Own Official NFT This Summer

Posted Wednesday, April 6, 2022 by
Timothy St. John • 2 min read

The Royal Mint has been tasked with creating an NFT by summertime, according to City Minister John Glen. The order to create an NFT was issued by UK Finance Minister Rishi Sunak.

Britain Seeks to Become a World Crypto Leader

There are no details yet on what the NFT item will be, but more details will be made available soon, according to Glen. Virtual assets like NFTs typically contain artwork that uses blockchain to power them, helping them to become a finite resource. NFT’s are often one-of-a-kind, which has made them extremely sought after, even as digital assets are growing as a global market.

Numerous major corporations and celebrities have helped boost the profile for NFT’s, making them hot commodities over the last couple years.

Minister Glen says that the UK government is looking to lead the way in the cryptocurrency market. He laid out some of the steps the government will be taking, including setting up a Cryptoasset Engagement Group that will be operated by UK regulators.

New Crypto Regulations Incoming

The UK government is currently preparing a series of steps to start regulating digital assets. There will be a lot more scrutiny and oversight for cryptocurrency, NFTs, and other digital financial assets.

Glen said that cryptocurrency regulation should not be considered static any longer. The government is looking to update its regulations for cryptocurrency as needed, creating a fluid regulatory system that matches the speed of cryptocurrency market growth.

New regulations could bring stablecoins under the umbrella of electronic payment regulations that are already established in the UK. The country is looking to create a top-class regulation committee to deal with cryptocurrency of all kinds, including decentralized finance tokens and NFTs. Regulations could even extend to Web 3.0 and other aspects of blockchain technology that power decentralized finances.

The government will also be looking into the legal status of communities that are blockchain based, which are known as DAOs, or decentralized autonomous organizations. Decentralized finance options may become taxed in the near future as well, which will increase the cost of cryptocurrency transactions for trading platforms and investors alike.

All of this news comes as the US government has begun work on drafting regulations for cryptocurrency in its own country.

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