Fourth Special Report - NFTs and the Blockchain: the risks to sport and culture: Government Response to the Committee’s Fourteenth Report of Session 2022–23

This is the government's response, published 12 January 2024.

Summary written by Accountability Index from the government's response. It is not the government's own words.

The Government responds to the Committee's NFT report by setting out existing protections and ongoing work, declining a new code of conduct and the requested Article 17 analysis, while committing to engage with NFT marketplaces.

• On a code of conduct for online marketplaces, the Government "does not intend to introduce" one, saying stakeholder engagement showed "a code was not needed at that time" and that it is "not aware of any evidence" to change this for NFT marketplaces.
• On analysis of Article 17 of the Digital Single Market Directive, the Government is "unable to conduct this analysis at present" as "more time is required". It will engage with NFT marketplaces, which "will help to inform any future, potential policy approach".
• On fan tokens, the Government says they will not form part of the Independent Football Regulator's assessment of fan engagement, which will review "the structures in place for consulting a representative group of supporters".
• On misleading NFT advertising, the Government "will introduce a new regulatory framework" to combat scam and fraudulent advertising, including advertising relating to NFTs, requiring in-scope organisations in the advertising supply chain to have "proportionate systems and processes" in place.

Read the government's response ↗ Report an error