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A UK parliamentary committee is calling for stricter regulations on the use of non-fungible tokens (NFTs) to protect artists from having their work stolen. The committee wants the government to crack down on copyright infringement and implement a code of conduct for the NFT space. The committee is also pushing for a ban on crypto sporting fan tokens, which it deems "inherently risky." Additionally, the Financial Conduct Authority (FCA) in the UK has blocked Rebuilding Society from approving crypto promotions, as the regulator tightens its grip on the industry. The FCA has also urged social media platforms, search engines, and apps to check warnings of non-authorized cryptoasset businesses. Furthermore, football clubs promoting NFTs have been warned by MPs about the risks they pose to fans. The MPs argue that these clubs should be banned from selling crypto-based fan tokens. The FCA has added Huobi and KuCoin, along with dozens of other crypto firms, to its warning list as part of its efforts to regulate the industry. Lastly, the DCMS Select Committee has highlighted the financial risks and reputational harms associated with NFTs.
Huobi and KuCoin were among dozens of crypto firms added to the UK’s warning list, as the regulator tightens its grip on the industry https://t.co/erbDQCd25a
Huobi and KuCoin were among dozens of crypto firms added to the UK’s warning list, as the regulator tightens its grip on the industry https://t.co/hkCNFF0pAi
Crypto marketing in the UK undergoes a transformation as the FCA releases stringent promotional guidelines to bolster investor protection https://t.co/hauyYFH8fe
A cross-party committee of the U.K. Parliament has called on the government to protect the rights of artists and consumers in the NFT market https://t.co/zcUkMrrw1P
DCMS Select Committee warns of NFTs’ financial risks and reputational harms https://t.co/wAKyghOjzl https://t.co/OzrtgtU26b
Football clubs should be banned from selling crypto-based "fan tokens" as part of engagement with supporters by the sport's incoming regulator, according to MPs ⤵️ https://t.co/uh8YfIpb3N
Football clubs promoting NFTs pose 'risk' to fans, MPs warn https://t.co/4vhcvcdUbi
A UK parliamentary committee has pushed for a ban on “inherently risky” crypto sporting fan tokens and urged the government to introduce a code of conduct for NFT marketplaces to address copyright infringement issues. https://t.co/3Rtm0Pxmgf
Clubs promoting NFTs pose 'risk' to fans, MPs warn https://t.co/o1Gx6vxb5R
UK regulator the Financial Conduct Authority has blocked Rebuilding Society from approving crypto promotions as its new rules come into effect. @binance had selected the firm to approve its UK marketing last week. @BrandyBetz reports. https://t.co/HpzsUtzOfQ
Artists are seeing their work stolen via NFTs, according to @CommonsCMS, which wants the U.K. government to clamp down on copyright infringement and also deploy a code of conduct for the space. @camomileshumba reports https://t.co/W3F6WkMDx1
Huobi and KuCoin were among dozens of crypto firms added to the UK’s warning list, as the regulator tightens its grip on the industry https://t.co/uhFkgZA1Qo
ICYMI: Binance’s UK approver hit with FCA restrictions days after partnership announced https://t.co/3qo81Xabzz
UK financial regulator blocks company from approving Binance marketing https://t.co/ttrDzktCLn https://t.co/n3p1t7JeJW
UK Financial Conduct Authority Urges Social Media Platforms, Search Engines and Apps to Check Warnings of Non-Authorised Cryptoasset Businesses https://t.co/fzMYEBAnfE