CoinDesk reported:
“The proposed regime does not intend to capture activities relating to cryptoassets which are specified investments that are already regulated,” such as traditional securities, the government document said, adding that unique NFTs that are akin to collectibles or artwork “should not be subject to financial services regulation.” However, NFTs used as an exchange token, for example when a large number are released at once and do not vary much in price, might fall within future financial services rules.