UK confirms plans to regulate the crypto industry

The UK government confirmed plans to regulate the crypto industry and to introduce regulations on crypto activities. The UK government received opinions from domestic crypto and fintech firms, professional associations, academia as well as legal and consulting firms.

The government’s proposal includes stricter rules concerning exchanges, custodians that keep cryptocurrencies on behalf of clients, and firms offering crypto loans. The UK also proposes stricter systems for fighting market abuse as well as issuance and disclosure of cryptoassets. It’s not clear at this stage how exactly the British laws on cryptocurrencies will look like.

The UK is more advanced in this process compared to other leading tech-savvy countries.

The UK government is planning to introduce the laws on the crypto industry before Parliament in 2024.

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