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ARTICLE · 20 JULY 2022

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How Are NFTS Regulated In The UK And EU?

Herbert Smith Freehills Kramer LLP
Explore more from Herbert Smith Freehills Kramer LLP

Marketing – Despite imminent plans to bring most cryptoassets within the scope of the UK's financial promotions regime, NFTs are not set to be affected by this.

European UnionTechnology
Marina Reason
Marina Reason
Patricia Horton
Patricia Horton
Jed Wilsher
Jed Wilsher
David Wormley
David Wormley

The key points – what's required or good practice now?

  • Marketing – Despite imminent plans to bring most cryptoassets within the scope of the UK's financial promotions regime, NFTs are not set to be affected by this. However, the Advertising Code applies to cryptoassets which are not regulated products including most NFTs. The Advertising Standards Authority (ASA) issued guidance in March 2022 on advertising cryptoassets and includes NFTs in its scope. The guidance requires that advertisements of cryptoassets include a prominent statement that the product is not regulated. For financial services firms which are regulated in the UK, it would be prudent to keep in mind the FCA's Principles for Businesses (even though most of the Principles do not apply to the unregulated business of the firm) when marketing NFTs and communicating with clients. Marketing of NFTs in the EU will vary between Member States as there is currently no applicable pan-EU regime. The EU's

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