Great Britain announces plans for robust cryptor rules and starts consultation - regulation
Great Britain announces plans for robust cryptor rules and starts consultation - regulation
The United Kingdom has presented "ambitious plans" to "robustly regulate" various crypto activities, while at the same time trying to protect customers and boost its economy. In the next three months, the British authorities will accept public feedback on the new regulatory proposals that aim to regulate digital assets such as traditional finances.
The British government wants to regulate the cryptom market and remains committed to innovation
The executive in London has announced plans to regulate a wide range of crypto -related activities through new rules for young industry that will match the British regulations for the traditional financial sector.
Public Consulting interview was initiated and will continue until the end of April. In the published paper, Great Britain Treasury "Cryptotechnologies can have a profound influence on financial services". The document gives an overview of the upcoming consultation work.
The British government also insisted that its regulatory approach "reduces the most important risks and at the same time uses the advantages of crypto technologies", and expressed hope of enhancing, expanding, investing and creating jobs. Economic Secretary in the Ministry of Finance, Andrew Griffith, emphasized:
We remain steadfast in our commitment to growing the economy and enable technological change and innovation-and this also includes crypto-asset technology. But we also have to protect consumers who accept this new technology.
The draft control should ensure that crypto exchanges "have fair and robust standards". You are responsible for the "definition of the detailed content requirements for approval and disclosure documents", to announcement unveiled on Wednesday.
civil servants also stated that they want to tighten the rules for intermediaries and storage, facilitate cryptocurrency transactions and save digital assets from customers. They believe that this would help to establish a “world's first regime” for the allocation of crypto loan.
The step takes place after several top-class mistakes that shake the crypto room, including the breakdown of the large crypto tour FTX. The British government previously stated that they intend to issue regulations that would prevent market abuse.
The majority of crypto-asset companies in the United Kingdom does not receive any official approval
The regulatory proposals follow the announcement of the British Financial Conduct Authority ( fca ) that most companies who want to do business with crypto-assets in Great Britain, 85 % of all applicants have failed to convince the regulatory authorities that they can meet the country's minimum requirements to combat money laundering (AML).
The supervisory authority said that it had found considerable mistakes in areas such as Due Diligence, risk assessment and transaction monitoring. "In many cases, key staff lacked adequate knowledge, skills and experiences in order to perform assigned tasks and effectively control risks," says the FCA.
In the meantime, the Financial Committee of the Lower House still examines the potential threats and opportunities in connection with crypto assets and the need for regulation. "We are in the middle of an investigation into cryptor regulation, and these statistics have not dissuaded us from the impression that parts of this industry are a 'wild west'," Harriett Baldwin, chairwoman of the special committee, was cited.
What effects will you think the upcoming British regulations on the development of the country's crypto industry? Share your expectations in the comment area below.
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