The UK itself actually already has several regulations related to crypto, including plans to create legislation which has received positive responses from various interested parties. Also on October 8, the FCA as the market supervisory authority has started implementing regulations regarding crypto promotion. However, unfortunately, the level of compliance from each company is still very low.
Based on FCA data, since the regulations came into force until last week, there were 221 violations committed by regulated and unregulated entities.
In addition to crypto regulations, the British Culture, Media and Sport Commission has apparently proposed that the government establish regulations regarding NFTs.
According to him, activities in one form of digital asset are vulnerable to violations, especially those related to intellectual property.
Some time ago, a commission in the British parliament revealed that there was a need to implement a code of ethics that could protect consumers and creators from fraudulent material. In government reports, NFTs themselves can be subject to financial services regulations, as long as they are used as a means of exchange in practice. #BinanceSquare #BinanceNFT #crypto2023 $BTC $ETH $BNB
