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UK Government Aims to “Robustly” Regulate the Crypto Industry
- The UK government will announce measures to “robustly” regulate the crypto industry.
- The series of regulations is said to be proposed by the HM Treasury on February 1.
- Regulating crypto assets can be viewed as UK’s attempt to become the new Crypto Hub.
The UK government is all set to introduce measures that would bring the crypto industry under the umbrella of mainstream financial regulations, following last year’s catastrophic crashes of crypto exchange FTX and stablecoin issuer rocked the industry and pushed retail investors to the edge of the cliff.
In a statement to the press, it was said that the widely-anticipated consultation, published by His Majesty’s Treasury on February 1, seeks input from industry members and experts on rules aimed at protecting consumers while also aligning with the country’s ambition to become a crypto hub.
The Treasury said that it would lay out a series of proposals to “regulate a broad suite of crypto asset activities, consistent with its approach to traditional finance.”
Furthermore, it was revealed that the Treasury would backtrack on a previous commitment to align the regulation of crypto promotions with the standards applied to stocks, shares, and insurance products. The consultation also suggests that crypto companies be subject to prudential and data reporting requirements.
Speaking on the matte …
The post UK Government Aims to “Robustly” Regulate the Crypto Industry appeared first on Coin Edition.
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