The UK has embraced decentralized technology, inspiring the creation of new blockchain companies that are developing innovative implementations of this ground-breaking technology. Some are fintech companies offering peer-to-peer payments and e-commerce integrations; others are working on new implementations for crypto and non-fungible tokens (NFTs).Read more :https://b3i.tech/
Cryptocurrencies and NFTs are creating unique legal issues that are not easily addressed by existing regulatory frameworks. They present a host of novel risks and challenges to investors, as well as being a preferred detergent for bad actors looking to launder proceeds of crime.
Crypto Experts in the UK on the Rise of Tokenization
This article looks at how the legal landscape for these new technologies is evolving, exploring the current regulatory approach and identifying some of the key issues that need to be considered by lawmakers and practitioners alike.
The ICAEW Digital Assets Working Party has formed sub-groups to address the key policy areas, including NFTs, DAOs and DLT; the role of crypto-related investment firms; and the importance of promoting good governance within the sector.
The Digital Assets Working Group has a comprehensive understanding of the global regulatory environment for digital assets, and the ways in which they are used. It has also produced a range of practical guidance for the sector. This includes an ESG guide for DLT; a report to the Treasury on NFTs; and a draft paper that sets out a model framework for the regulation of crypto-related investments. This is a valuable resource that can help shape the future of the UK’s industry.