ARTICLE · 09 SEPTEMBER 2024

Non-Fungible Token (NFT) Regulation In The UK

Gherson

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The article discusses the regulatory landscape for NFTs in the UK, highlighting potential classification under cryptoasset or art market regulations, and the implications of UK anti-money laundering (AML) laws on businesses handling NFTs.

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Gherson Solicitor's criminal litigation, investigations and regulatory team have previously written about the regulation of cryptoassets, even arguing that it is time for a bespoke regulatory regime.

This blog will now consider the regulatory regimes (including anti-money laundering ("AML") regulations) applicable to a specific type of cryptoasset, specifically a non-fungible token("NFT").

What is an NFT?

An NFT is a claim to ownership (in the form of non-interchangeable data stored on a blockchain) of a unique (often digital) item. This claim of ownership, which can be bought and sold, uses blockchain technology to establish the individual ownership of the underlying item, which can be, for example, an (often digital) image, a digital video or music file.

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