• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, May 19, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Britain formulated plan to regulate the crypto industry

by Om Chaturvedi
February 2, 2023
in Crypto
Reading Time: 2 mins read
0
Britain formulated plan to regulate the crypto industry

Credits: Cryptonomist

TwitterWhatsappLinkedin

The UK government will set out ambitious plans to robustly regulate cryptoasset activities – providing confidence and clarity to consumers and businesses alike.Consultation proposals include strengthening rules for crypto trading platforms and a robust world-first regime for crypto lending

You might also like

FTX Launches $5.4 Billion Plan to Pay Creditor Fees

Alabama Man Sentenced for SEC X Account Hack That Faked Bitcoin ETF Approval

Robinhood’s Big Move into Canada: A $179M Deal for WonderFi

Announcement delivers on financial services roadmap by embracing technological change and innovation, delivering on the Prime Minister’s plan to grow the economy. Ambitious plans to protect consumers and grow the economy by robustly regulating cryptoasset activities have been announced by the government.

Cryptoassets – commonly known as ‘crypto’ – are a relatively new, diverse and constantly evolving class of assets that have a range of potential benefits, as well as posing risks to the consumer. As is common in emerging technology markets, the crypto sector continues to experience high levels of volatility and a number of recent failures have exposed the structural vulnerability of some business models in the sector.

UK Launches New Parliamentary Crypto Panel | PYMNTS.com
Credits: PYMNTS.com

Our robust approach to regulation mitigates the most significant risks, while harnessing the advantages of crypto technologies. This enables a new and exciting sector to safely flourish and grow, boosting jobs and investment.

The regulatory proposals follow last week’s announcement by the U.K.’s Financial Conduct Authority (FCA) 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’s minimum anti-money laundering (AML) requirements.

The regulator said it had identified significant failures in spheres such as due diligence, risk assessment, and transaction monitoring. “In many cases, key personnel lacked appropriate knowledge, skills and experience to carry out allocated roles and control risks effectively,” the FCA said.

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. “We 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 ‘Wild West,’” Harriett Baldwin, chair of the select committee, was quoted as stating.

Cryptocurrency & Regulation | Financial Services Law | Cryptoassets |  Bitcoin
Credits: Freeths

The proposals will also strengthen the rules around financial intermediaries and custodians – which have responsibility for facilitating transactions and safely storing customer assets. These steps will help to deliver a robust world-first regime strengthening rules around the lending of cryptoassets, whilst enhancing consumer protection and the operational resilience of firms. As part of this approach, the consultation will seek views on improving market integrity and consumer protection by setting out a proposed crypto market abuse regime.

In addition, to address industry concerns about the small number of Financial Conduct Authority (FCA) authorised cryptoasset firms who can issue their own promotions, HM Treasury is also introducing a time limited exemption. Cryptoasset businesses that are registered with the FCA for anti-money laundering purposes will be allowed to issue their own promotions, while the broader cryptoasset regulatory regime is being introduced.

This approach delivers on the original policy intention of the measure to promote innovation, enhance consumer protection and ensure that cryptoasset promotions can be held to equivalent standards as promotions of financial services products with similar risk profiles.

Tags: #CryptoBritain
Tweet54SendShare15
Previous Post

More than 150 organizations operating Fraud Crypto Exchange schemes in UK

Next Post

Autonomous vehicle companies attracting investors for having simple solutions

Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

Recommended For You

FTX Launches $5.4 Billion Plan to Pay Creditor Fees

by Anindya Paul
May 18, 2025
0
FTX

FTX, the now-defunct cryptocurrency exchange that went bust in November 2022, will be making a second round of distributions amounting to $5.4 billion to its creditors on May...

Read more

Alabama Man Sentenced for SEC X Account Hack That Faked Bitcoin ETF Approval

by Anindya Paul
May 18, 2025
0
Alabama Man Sentenced for SEC X Account Hack That Faked Bitcoin ETF Approval

In a landmark case underscoring the vulnerabilities of high-profile social media accounts, 26-year-old Eric Council Jr. of Alabama was sentenced to 14 months in prison for his role...

Read more

Robinhood’s Big Move into Canada: A $179M Deal for WonderFi

by Anindya Paul
May 16, 2025
0
Robinhood’s Big Move into Canada: A $179M Deal for WonderFi

Robinhood Markets has made its move into Canada with the acquisition of Canadian crypto company WonderFi Technologies for C$250 million (US$179 million) in a cash deal, representing a...

Read more
Next Post
Investors go back to basics with simpler self-driving vehicles

Autonomous vehicle companies attracting investors for having simple solutions

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?