Ministers are weighing up a regulatory crackdown on digital investment crazes such as cryptocurrencies and non-fungible tokens (NFTs) in 2022 amid growing warnings they could prove dangerous for vulnerable young people.
Football clubs, individual players and online influencers have been promoting crypto products including “fan tokens” and digital artworks. They are lightly regulated in the UK despite the similarites with speculative investments and gambling games, both of which are tightly controlled by the authorities.
No agency is directly responsible for the regulation of crypto assets, with only the Advertising Standards Authority (ASA) taking a proactive stance in stamping out abusive practices in the industry.