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A UK parliamentary committee has recommended a ban on "inherently risky" crypto sporting fan tokens and has called for the government to establish a code of conduct for NFT marketplaces to address copyright infringement concerns. The committee has warned that football clubs promoting NFTs pose a risk to fans. The Financial Conduct Authority in the UK has also urged social media platforms, search engines, and apps to check for warnings of non-authorized cryptoasset businesses. The committee has called on the government to protect the rights of artists and consumers in the NFT market. They have suggested that football clubs should be prohibited from selling crypto-based "fan tokens" as part of their engagement with supporters. The DCMS Select Committee has also expressed concerns about the financial risks and reputational harms associated with NFTs.
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 Financial Conduct Authority Urges Social Media Platforms, Search Engines and Apps to Check Warnings of Non-Authorised Cryptoasset Businesses https://t.co/fzMYEBAnfE