{"id":17184,"date":"2023-02-01T22:32:19","date_gmt":"2023-02-01T22:32:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/britain-announces-plans-for-robust-crypto-rules-launches-consultation-regulation-bitcoin-news\/"},"modified":"2023-02-01T22:32:19","modified_gmt":"2023-02-01T22:32:19","slug":"britain-announces-plans-for-robust-crypto-rules-launches-consultation-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/britain-announces-plans-for-robust-crypto-rules-launches-consultation-regulation-bitcoin-news\/","title":{"rendered":"Britain Announces Plans for \u2018Robust\u2019 Crypto Rules, Launches Consultation \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The U.K. has unveiled \u201cambitious plans\u201d to \u201crobustly regulate\u201d 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.<\/strong><\/p>\n

British Government Sets Out to Regulate Crypto Market, Remains Committed to Innovation<\/h2>\n

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\u2019s regulations for the traditional financial sector.<\/p>\n

A public consultation<\/a> on the proposals has been launched and will continue until the end of April. In the published paper, the U.K. Treasury<\/a> reaffirms its belief that \u201ccrypto technologies can have a profound impact across financial services.\u201d The document provides an overview of the consultation work ahead.<\/p>\n

\"Britain<\/p>\n

The British government also insisted its approach to regulation \u201cmitigates the most significant risks, while harnessing the advantages of crypto technologies\u201d and expressed hopes to enable the crypto industry to expand, invest, and create jobs. Economic Secretary to the Treasury Andrew Griffith emphasized:<\/p>\n

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We remain steadfast in our commitment to grow the economy and enable technological change and innovation \u2013 and this includes crypto-asset technology. But we must also protect consumers who are embracing this new technology.<\/p>\n<\/blockquote>\n

The draft rules aim to ensure that crypto exchanges \u201chave fair and robust standards.\u201d They will be responsible for \u201cdefining the detailed content requirements for admission and disclosure documents,\u201d an announcement<\/a> revealed on Wednesday.<\/p>\n

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 \u201cworld-first regime\u201d for crypto lending.<\/p>\n

The move comes in the aftermath of several high-profile failures that shook the crypto space, including the collapse<\/a> of major crypto exchange FTX. The British government has previously said that it intends to adopt regulations that would prevent market abuses.<\/p>\n

Majority of Crypto Asset Companies in the UK Fail to Receive Regulatory Approval<\/h2>\n

The regulatory proposals follow last week\u2019s announcement by the U.K.\u2019s Financial Conduct Authority (FCA<\/a>) 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\u2019s minimum anti-money laundering (AML) requirements.<\/p>\n

The regulator said it had identified significant failures in spheres such as due diligence, risk assessment, and transaction monitoring. \u201cIn many cases, key personnel lacked appropriate knowledge, skills and experience to carry out allocated roles and control risks effectively,\u201d the FCA said.<\/p>\n

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. \u201cWe 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 \u2018Wild West,\u2019\u201d Harriett Baldwin, chair of the select committee, was quoted as stating.<\/p>\n

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\nTags in this story
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Crypto<\/a>, crypto assets<\/a>, crypto exchanges<\/a>, crypto industry<\/a>, crypto sector<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, draft rules<\/a>, Proposals<\/a>, public consultation<\/a>, Regulations<\/a>, rules<\/a>, U.K.<\/a>, uk<\/a><\/div>\n<\/div>\n

What effect do you think the upcoming U.K. rules will have on the development of the country\u2019s crypto industry? Share your expectations in the comments section below.<\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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