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United Kingdom revealed ambitious plans to regulate the cryptocurrency industry and try to protect users who choose to invest in them in their country.
In a press release, the government indicates its interest in “protecting consumers and businesses while allowing an exciting new sector to thrive and develop safely.”
Possible rules for cryptocurrencies
The government will focus on tightening the rules for the activities of commercial companies cryptocurrenciescalls are exchanged.
To do this, he proposes to introduce a “crypto market abuse regime”, which will create rules regarding money laundering and other illegal schemes.
It is also proposed to strengthen the laws on loans in cryptocurrencies.
In addition, the Treasury is introducing a time-limited waiver that will allow designated companies to issue new tokens. Companies registered with the UK Financial Conduct Authority (FCA) for anti-money laundering purposes can issue coins while new rules are being written.
Promise
January 2022 United Kingdom He noted that at least 2.3 million people in his country own cryptocurrencies.
At the time, the government promised to fight crime in the industry. Now he is fulfilling it, even despite the crisis of 2022, in which the market was.
The consultation will end on April 30, 2023, when the regulators will review the comments and formulate a response.
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Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.