Mintable CEO Urges UK Government to Reconsider Broad Approach to NFTs Regulation
Summary:
Mintable CEO, Zach Burks, warns that the UK government's current approach to nonfungible tokens (NFTs) regulation overlooks their multifaceted nature and primarily focuses on their link to copyright violations. He argues that regulatory framework should vary based on the diverse applications of NFTs, from car and property records to bank settlement documents. He suggests adopting an approach like the Singapore regulators who regulate each NFT based on its specific use case.
Mintable CEO, Zach Burks, cautions that the UK government's attempts to regulate nonfungible tokens (NFTs) may overlook the true essence of this budding technology. In a discussion with Cointelegraph, Burks notes that a recent UK parliamentary committee report might overemphasize NFTs' role in copyright violations, failing to comprehend NFTs are more than just unstable digital images. “NFTs are evolving from speculation-driven Profile Picture booms to a phase where brands utilize NFTs in various contexts", said Burks. The report from October 11 recommends government intervention to safeguard the copyright of artists and NFT content creators.
However, Burks admits the significance of intellectual property rights for artists, highlighting Mintable's IP protection algorithm that curbs plagiarism. Clarifying further, he stated that such issues are crucial for all NFT platforms, but these aren't unique to NFTs. “These issues are inherent to the internet, not just NFTs,” he explained. He pointed out that copyright violations have always existed in platforms like WordPress, YouTube, and Spotify and combatting them remains a challenge even for industry giants like Google.
Burks maintains regular contact with UK government officials, advocating a more comprehensive understanding of the scope of NFTs. According him, NFTs have varied applications including for car and property records, bank settlement documents, supply chains, and more. "NFT is essentially a website", he explained. Hence, regulations should be applicable based on what the website is being utilised for.
Given the diverse functionality of NFTs, Burks believes it would be regressive to regulate them merely as pieces of digital art, as suggested by the parliamentary committee. The directive they recommended is too broad and fails to address the many ways NFTs can be employed. The committee suggested NFTs be regulated under the Article 17 of the European Union Directive on Copyright, which could be seen as an oversimplified approach.
Ultimately, he suggests that the U.K. government could learn from the approach taken by the Singapore regulators, who base their judgement on the specific use case of each NFT.
Published At
10/29/2023 11:06:00 PM
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