[ad_1]
The UK’s ministry of economy and finance is awaiting community feedback on the crypto regulatory framework.
His Majesty’s Treasury (HM).UK government ministry of economy and finance has released a consulting paper called “Future financial services regulatory regime for crypto assets.”
According to pers conference distributed on February 1, the UK’s ministry of economy and finance will be receiving feedback on its proposals until 30 April 2023.
Do you know?
Want to be smarter & richer with crypto?
Subscribe – We publish new crypto explainer videos every week!
In an 80-page consulting paper, HM Treasury covered several crypto-related topics. The document is divided into 14 chapterscovering topics such as the current crypto regulatory landscape, algorithmic stablecoins, initial coin offerings (ICOs), and non-fungible tokens (NFTs).
HM Treasury highlights this The “proposed steps” were made taking into account the recent fallout of cryptocurrency exchange FTXwhich, according to the Ministry of Finance, strengthens “an effective regulatory case and sector engagement.”
HM Treasury Secretary for Economics Andrew Griffith acknowledged UK plans to become a crypto hub but noted that regulation is necessary to protect customers.
We remain steadfast in our commitment to growing the economy and enabling technological change and innovation – and this includes crypto asset technology. But we must also protect consumers who use these new technologies – ensuring strong, transparent and fair standards.
Based on HM Treasury, the agency does not plan to launch a separate regulatory regime for crypto. New rules for the crypto industry will be added to the UK Financial Services and Markets Act 2000 (FSMA).. HM Treasury claims it the goal is to make crypto-related companies follow the same rules as traditional financial institutions.
In the document, HM Treasury claims that crypto-related companies that are already operating will have to repeat the registration process. Companies that have obtained an FCA license must complete an HM Treasury assessment “over the broader action”.
Besides that, HM Treasury proposed that crypto exchanges should store their market data and make it available at all times.
The British Ministry of Economy and Finance claims that he wanted to create “conditions for crypto asset service providers to operate and thrive in the UK, while managing potential consumer risk and stability.”
It seems that soon, the British will be able to cash out The British pound-backed stablecoin, GBPT, at 18,000 ATMs across the UK.
[ad_2]
Source link
