United Kingdom proposes to regulate cryptocurrencies in the country

United Kingdom proposes to regulate cryptocurrencies in the country

The United Kingdom has unveiled ambitious plans to regulate the cryptocurrency industry and attempt to safeguard users who choose to invest in cryptocurrencies in their country.

Through a press release, the government notes its interest in “protecting consumers and businesses, while allowing a new and exciting sector to flourish and grow safely.”

The possible regulations to cryptocurrencies

The government will focus on strengthening the rules on the operation of cryptocurrency trading companies. cryptocurrenciesthe so-called exchange.

To this end, it proposes a “cryptomarket abuse regime,” which would create rules on money laundering and other illegal schemes.

He also proposes to strengthen laws on lending in cryptocurrencies.

In addition, the Treasury Department is introducing a time-limited exemption that would allow designated firms to issue new tokens. Firms registered with the UK’s Financial Conduct Authority (FCA) for anti-money laundering purposes would be able to issue coins while the new regulations are being written.

A promise

January 2022, United Kingdom noted that at least some 2.3 million people in their country owned cryptocurrencies.

At the time, the government promised to crack down on crime in this industry. It is now following through, even despite the 2022 in crisis that the market was in.

The consultation will close on April 30, 2023, at which time the regulators will review the comments and formulate a response.

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Kayleigh Williams