Rishi Sunak

NFTs are digital files that serve as a certificate of ownership of a digital asset such as images, video and audio.

The Royal Mint, which is owned by the UK Government, said its first NFT range would be available from this summer.

The move is part of a package of measures to ensure the UK financial services sector remains at the cutting edge of technology, attracting investment and jobs and widening consumer choice.

It includes introducing a ‘financial market infrastructure sandbox’ to enable firms to experiment and innovate, establishing a Cryptoasset Engagement Group to work more closely with the industry and exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the crypto asset market.

In a statement issued by the Treasury, Rishi Sunak said: “It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.

“We want to see the businesses of tomorrow – and the jobs they create - here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.

“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”