The UK has announced its long-awaited report on crypto regulations and is seeking advice from market participants and industry experts before taking it to the next stage.
The UK’s crypto regulations are highly anticipated after Prime Minister Rishi Sunak revealed He plans to make the nation a global crypto hub. Last December, the Treasury laid out plans to create a regulatory environment stablecoin payments.
Earlier last month, the UK’s National Crime Agency announced a special unit to tackle crypto crime. They were also looking to recruit blockchain experts for newbies crypto unit. Despite these small steps towards crypto regulation, the government has also faced Review From Philip Hammond – former finance minister.
Today, Govt declared The next step in regulating cryptocurrency is by getting feedback from industry stakeholders.
UK Crypto Regulation Proposal
The government believes that cryptocurrency and its operations should follow the same standards as other financial services. The advisory proposal is the second phase of the government’s phased approach to regulating cryptocurrency.
In light of last year’s FTX collapse, the government has drafted rules to prevent a repeat of the history of linking users’ funds with company funds.
The proposal states: “These rules are intended to protect the rights of investors to their assets, so that when a company operates as a company, if a custodian becomes insolvent, the assets are returned to the investors immediately and as fully as possible.”
The consultation will end April. 30
The community responds favorably to the proposal
Finance, the largest cryptocurrency exchange, has voiced HM Treasury’s proposals for UK crypto regulations. The team further tweeted that after reviewing the details, they are expecting contribution.
Community members have so far supported the project and found “is reassuring.”
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