{"id":20753,"date":"2023-05-10T10:06:57","date_gmt":"2023-05-10T10:06:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/uk-crypto-legislation-gets-support-stakeholders-urge-global-collaboration\/"},"modified":"2023-05-10T10:06:57","modified_gmt":"2023-05-10T10:06:57","slug":"uk-crypto-legislation-gets-support-stakeholders-urge-global-collaboration","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/uk-crypto-legislation-gets-support-stakeholders-urge-global-collaboration\/","title":{"rendered":"UK Crypto Legislation Gets Support, Stakeholders Urge Global Collaboration"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Stakeholders urge the UK to work with international regulators to avoid post-Brexit isolation, especially in light of the EU\u2019s MiCA regulation.<\/em><\/p>\n

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In recent news, the UK\u2019s proposed crypto legislation has received positive feedback from stakeholders within the nation\u2019s crypto industry. However, they have expressed the need for the UK to collaborate with global regulators to prevent post-Brexit isolation, particularly as the European Union\u2019s Markets in Crypto Assets (MiCA) regulation advances. This development follows a review of public comments from industry experts.<\/p>\n

UK\u2019s Crypto Strategy Consultation and Industry Titan Responses<\/h3>\n

Since February, the UK has been seeking public input on its proposed strategy for the crypto sector. With the consultation period concluding on April 30th, several global industry titans submitted their views. Riccardo Tordera Ricchi, Head of Policy at The Payments Association, stated that the proposed legislation is a \u201cwelcome step towards establishing regulatory clarity for crypto assets in the UK.\u201d He further emphasized that the thoughtful application of these frameworks would accelerate the adoption of innovation while minimizing criminal and financial risks.<\/p>\n

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The Pressure to Develop Rules for the Crypto Sector<\/h3>\n

As the MiCA regulation nears its final stages, countries worldwide face increasing pressure to establish their own crypto regulations. The UK aims to incorporate crypto into its existing regulatory frameworks rather than creating an entirely new set of rules like the MiCA. The government may release crypto-specific rules within the next year.<\/p>\n

UK\u2019s Plan to Regulate Crypto<\/h3>\n

The UK intends to regulate crypto under the Financial Services Markets Act and establish an authorization regime for digital asset companies. Additionally, the country plans to regulate stablecoins under its payment rules and develop a market abuse regime to safeguard investors. The Financial Services and Markets Bill, which will grant regulators the authority to oversee crypto by extending rules for financial instruments, is currently progressing through Parliament.<\/p>\n

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CryptoUK Supports \u201cSame Risk, Same Regulatory Outcome\u201d Approach<\/h3>\n

CryptoUK, the lobby group, has expressed support for the government\u2019s same risk, same regulatory outcome approach. Su Carpenter, Director of Operations at the group, affirmed this position in a press statement. Binance<\/a> CEO Changpeng Zhao praised the approach on Twitter, stating<\/a> that it solves for the desired outcome rather than applying generic rules, effectively capturing the intricacies of novel innovations and their unique benefits and risks.<\/p>\n

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