UK announces plans for ‘stronger’ crypto regulations, opens consultation
An executive power in London has developed a plan to regulate a range of activities related to cryptocurrencies through latest rules for the young industry and has agreed to the creation of what would be Britain’s first regulatory body for the financial traditional sector. Will be as per latest norms. If we look at the proposals, a public program has been launched which will continue till the end of April and in the paper published by the United Kingdom Treasury Department, it has been confirmed that cryptocurrency technology can have a profound impact on financial services and the document also says that it provides an overview of all types of consulting work.
Certainly the British government has emphasized its approach to regulation, saying that taking advantage of crypto currency technology most importantly covers you and encourages industry to expand and invest while encouraging employment and This enables it to generate employment. Treasury Economic Secretary Andrew Griffith insists he is going to deliver on his commitment to enable technological change and innovation to grow the economy and this includes crypto assets technology but we have to protect consumers Those who are adopting this latest technology or creating a favorable environment for it.
Speaking of regulations, the purpose of the regulations is to ensure that crypto exchanges have a strong regulatory presence, and in addition, through Wednesday’s announcement, we learn that they “define a broad range of material requirements for admission and naturalization documents.” Officials also indicated that they want to strengthen rules for intermediaries and custodians that deposit customer digital assets, and that they believe this is the world’s way to provide crypto loans. The first is a set of rules that will help in establishing an important regime.
If we talk about it, the crypto space was shaken after the collapse of the major cryptocurrency exchange FTX and at the same time we can say that this step has been taken after many high profile failures as well as industry failure. The British government has said earlier that it is committed to adopting rules that will prevent market abuse. The regulatory proposal follows last week’s announcement by the United Kingdom’s Financial Conduct Authority that the majority of entities that want to trade and move with crypto assets in the UK, eighty-five per cent of all applicants, will has failed to satisfy that he meets the country’s minimum anti-money laundering requirements. The regulator also says that it has identified significant lapses in areas such as due diligence and risk assessment as well as transaction monitoring. The FCA noted that in many cases key personnel lacked the appropriate knowledge and skills to carry out their allocated roles and to effectively control risk.
Meanwhile, the Treasury Committee in the House of Commons is still looking at the threats and opportunities related to crypto and the need for regulation and commenting on this, the chair of the select committee, Harriet Baldwin, says it is in the middle of examining crypto regulation and From these figures we cannot justify the notion that some parts of the industry are the ‘Wild West’.
