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<p>There is not a dedicated regulatory framework for non-fungible tokens (NFTs) in
the UK. On 18 January, the government announced its intention to legislate later this
year to bring certain cryptoassets into the scope of financial promotions regulation;
however, the government explained that NFTs will not be brought into financial promotions
regulation. The consultation response noted:</p><p> </p><p>NFTs may represent a wide
array of different assets which might constitute non-financial services products.
Additionally, as the NFT market is evolving rapidly and remains at an early stage
of development, the government does not yet have sufficient information on risks and
use-cases. As such, seeking to bring NFTs into scope might have unintended consequences
for the market. Instead, the government will continue to closely monitor market developments,
and stands ready to take further legislative action if required.</p>
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