Football: Non-fungible Tokens

(asked on 26th January 2022) - View Source

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment she has made of the potential implications of footballers advertising non-fungible tokens to fans.

Answered by
Chris Philp Portrait
Chris Philp
Minister of State (Home Office)
This question was answered on 3rd February 2022

I am aware of the growth in commercial partnerships between cryptocurrencies and professional sport. On 18 January 2022, the government set out its intention to legislate later this year to bring certain cryptoassets into financial promotion regulation. The FCA has also publicly consulted on its detailed rules for the regime. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity and accuracy that pertain in the financial services industry.

Cryptocurrencies are not within the legal definition of gambling in themselves and therefore are not in scope of the Gambling Act Review.

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