Recommendations & Conclusions
4 items
1
Recommendation
Fourteenth Report - NFTs and the Blockc…
Rejected
Intellectual property laws and copyright protection are central to enabling artists to create, innovate and make a living from their work. Emerging technologies that undermine these protections have a profound impact on individual artists and the UK’s world-leading creative industries more generally. We recommend that the Government engages with NFT …
Government response. The government rejects introducing a new code of conduct for online marketplaces, including NFT marketplaces, citing that previous stakeholder engagement showed it wasn't needed and there's no new evidence to change this assessment; however, it will engage with NFT marketplaces …
Department for Culture, Media and Sport
2
Recommendation
Fourteenth Report - NFTs and the Blockc…
Rejected
We recommend that the Government publishes its analysis of the implementation of Article 17 of the European Union Directive on Copyright in the Digital Single Market, and equivalent approaches undertaken by countries outside the EU, by the end of the year. (Paragraph 19) Professional sport
Government response. The government rejects the recommendation to publish its analysis of Article 17 implementation by the end of the year, stating it is unable to do so as more time is required to fully assess its operation in EU member states …
Department for Culture, Media and Sport
3
Recommendation
Fourteenth Report - NFTs and the Blockc…
Accepted
The recent plateaus in professional sports leagues’ revenues and the zero-risk nature of crypto revenue for clubs has incentivised partnerships between professional sport and crypto companies. However, the unique relationship between clubs and fans means that fan speculation on sport-based cryptoassets carries a real risk of financial harm to fans …
Government response. The government accepts the recommendation, stating that the new Independent Football Regulator will explicitly exclude fan tokens from its assessment of whether a club has met the required standard for fan engagement, focusing instead on structures for consulting representative supporter …
Department for Culture, Media and Sport
4
Recommendation
Fourteenth Report - NFTs and the Blockc…
Accepted
We welcome the Government’s recently articulated intention to introduce statutory regulation for online advertising, in line with our conclusions and recommendations from our “Influencer culture” inquiry last year. We recommend that the Government respond to the evidence we have gathered on misleading and/or fraudulent advertising for NFTs. It should ensure …
Government response. The government welcomes the committee's point, stating that existing laws like the Consumer Protection from Unfair Trading Regulations 2008 already ban misleading advertising, and highlights its Online Advertising Programme and the FCA's expanded remit for regulating cryptoasset promotions to improve …
Department for Culture, Media and Sport