Fun

Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation

News Feed - 2023-02-02 07:02:13

Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation


The U.K. has unveiled “ambitious plans” to “robustly regulate” various crypto activities, while seeking to protect customers and grow its economy. In the next three months, British authorities will accept public feedback on the new regulatory proposals designed to govern digital assets like traditional finance. British Government Sets Out to Regulate Crypto Market, Remains Committed to Innovation


The executive power in London has announced plans to regulate a wide range of crypto-related activities through new rules for the young industry that will be consistent with Britain’s regulations for the traditional financial sector.


A public consultation on the proposals has been launched and will continue until the end of April. In the published paper, the U.K. Treasury reaffirms its belief that “crypto technologies can have a profound impact across financial services.” The document provides an overview of the consultation work ahead.



The British government also insisted its approach to regulation “mitigates the most significant risks, while harnessing the advantages of crypto technologies” and expressed hopes to enable the crypto industry to expand, invest, and create jobs. Economic Secretary to the Treasury Andrew Griffith emphasized: We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes crypto-asset technology. But we must also protect consumers who are embracing this new technology.


The draft rules aim to ensure that crypto exchanges “have fair and robust standards.” They will be responsible for “defining the detailed content requirements for admission and disclosure documents,” an announcement revealed on Wednesday.


Officials also indicated they want to strengthen the rules for intermediaries and custodians that facilitate cryptocurrency transactions and store customer digital assets. They believe this would help to establish a “world-first regime” for crypto lending.


The move comes in the aftermath of several high-profile failures that shook the crypto space, including the collapse of major crypto exchange FTX. The British government has previously said that it intends to adopt regulations that would prevent market abuses. Majority of Crypto Asset Companies in the UK Fail to Receive Regulatory Approval


The regulatory proposals follow last week’s announcement by the U.K.’s Financial Conduct Authority (FCA) that most entities that want to do business with crypto assets in Great Britain, 85% of all applicants, have failed to convince regulators they can meet the country’s minimum anti-money laundering (AML) requirements.


The regulator said it had identified significant failures in spheres such as due diligence, risk assessment, and transaction monitoring. “In many cases, key personnel lacked appropriate knowledge, skills and experience to carry out allocated roles and control risks effectively,” the FCA said.


Meanwhile, the Treasury Committee at the House of Commons is still looking into the potential threats and opportunities associated with crypto assets and the need for regulation. “We are in the middle of an inquiry into crypto regulation and these statistics have not disabused us of the impression that parts of this industry are a ‘Wild West,’” Harriett Baldwin, chair of the select committee, was quoted as stating. Tags in this story Crypto, crypto assets, crypto exchanges, crypto industry, crypto sector, Cryptocurrencies, Cryptocurrency, draft rules, Proposals, public consultation, Regulations, rules, U.K., uk


What effect do you think the upcoming U.K. rules will have on the development of the country’s crypto industry? Share your expectations in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. India Highlights Need for "Common Approach to Regulating Crypto Ecosystem" REGULATION | 18 hours ago Panamanian Crypto Bill Might Get a Second Wind in the Highest Court of the Country REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFederal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell  Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto

News Feed

Bitcoin’s Key SOPR Metric Holds Steady: Are Long-Term Holders Eyeing Higher Prices?
Este artículo también está disponible en español. Bitcoin has continued to see declining performance in recent days with on-chain metrics offering valuable insights into
APhone introduces DApp store combining Web2 and Web3 apps
Ana Paula Pereira11 hours agoAPhone introduces DApp store combining Web2 and Web3 appsThe alternative DApp store wants to offer features for Web3 enthusiasts while focusing on due diligence when listing apps.2741 Total v
Bitcoin UTXO Surpasses COVID 2020 Levels To New ATH – Is This Good Or Bad For Price?
Este artículo también está disponible en español. Bitcoin’s consolidation below $68,000extended throughout this week, with bulls holding steady above the $66,000 suppor
Crypto ETFs will expand to new asset types, indexes — Grayscale executive
Alex O’Donnell2 hours agoCrypto ETFs will expand to new asset types, indexes — Grayscale executiveThe pace of adoption of crypto exchange-traded funds in the United States has been surprising even to Grayscale.1480 T
US Regulator Probes Bankrupt Crypto Lender Voyager Over Claims of FDIC Insurance
US Regulator Probes Bankrupt Crypto Lender Voyager Over Claims of FDIC Insurance The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over clai
Top 5 Crypto PR Agencies
Este artículo también está disponible en español. If you’re trying to navigate the ever-changing world of cryptocurrency, you’ll need a PR agency. In the best of time
Zhiyuan Sun8 hours agoStandard Chartered joins China’s CBDC pilot testingThe British bank will provide e-CNY CBDC services to clients and explore its future use in China’s financial system.830 Total views7 Total shar
WIF Bulls Charge Toward $2.89 As Key Resistance Test Looms
Este artículo también está disponible en español. Recent trading activity reveals that WIF is gaining bullish momentum, with its price surging toward the critical $2.89 r
Biggest Movers: SOL, Near Protocol up by Over 10% to Start the Week
Biggest Movers: SOL, Near Protocol up by Over 10% to Start the Week Solana moved closer to the $40.00 mark on Monday, as it rose for a sixth straight session to start the week. Bul
Chamber of Representatives in Paraguay Advances Crypto Bill
Chamber of Representatives in Paraguay Advances Crypto Bill Cryptocurrency regulation in Paraguay is progressing steadily, as a crypto bill introduced in December has been approved
Ethereum LSD solution Puffer Finance moves to based rollups after raising $18M
Zhiyuan Sun11 hours agoEthereum LSD solution Puffer Finance moves to based rollups after raising $18MThe protocol is currently focused on bridging the liquidity gaps between different Ethereum layer solutions.925 Total v
Bitcoin price clear for new record high as GBTC outflows drop to $170M
William Suberg12 hours agoBitcoin price clear for new record high as GBTC outflows drop to $170MBitcoin faces its “biggest headwind” in the form of GBTC outflows, but the good times could be back for BTC price action