‘World-first’ Crypto regime announced by UK Government
The
UK government announced a “world-first” crypto regime.
New
regulations aim to stop market exploitation, safeguard customers, and promote
innovation. In order to stop market abuses, the UK has announced measures to
regulate the cryptocurrency industry and implement a “world-first
regime.” The new strategy for cryptocurrency legislation, according to the
government, would also seek to expand the economy and promote innovation in the
burgeoning industry. Ministers hope to bring cryptocurrency closer to the rules
governing how traditional financial institutions operate.
The
Treasury stated in a statement that its new “strong approach” to
regulating the industry will reduce “the most serious risks” while
also enabling the UK to benefit from crypto innovations. The decision was made
following a string of high-profile global failures that shook the
cryptocurrency sector, including the demise of the top bitcoin exchange FTX.
According to the Treasury, it “will strive to regulate a broad array of
crypto-asset activities,” adhering to its strategy for traditional
finance.
The
task of setting the detailed content criteria for admission and disclosure
documents will fall to cryptocurrency trading platforms. The Treasury
claimed that by doing this, crypto exchanges will have fair and robust
rules. Additionally, it declared that it will tighten regulations
governing custodians and financial intermediaries. The Treasury stated that the
consultation would “seek opinions on how to improve market integrity and
consumer protection by setting out a proposed crypto market misuse framework.
“Labour
has been advocating for a crackdown on the crypto wild-west for months,”
said shadow city minister Tulip Siddiq. We need to take action right away, yet
all the Conservatives are pledging is more consultations. The collapse of
cryptocurrencies under this inept government has put the savings of millions of
British customers at danger, and crypto-related scams have reached record
highs. The Conservatives yet continue to support cryptocurrency hoaxes.
“We
remain committed in our commitment to build the economy and encourage
technological change and innovation — and this includes crypto-asset
technology,” said Andrew Griffith, the Treasury’s economic secretary. However,
we must also safeguard consumers who are utilising this new technology by
establishing strong, open, and equitable norms.
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