UK Finance Ministry Goes Ahead With Crypto Regulations

It has been just revealed that the UK seems to be moving ahead with the crypto regulations. Check out the following new reports below.

Reports suggest that financial regulators in the United Kingdom are planning to introduce new regulations for the cryptocurrency industry in the country.

The UK Finance Ministry, Great Britain’s top financial regulator, is looking to develop and implement comprehensive rules to regulate cryptocurrencies.

This move follows the European Union’s (EU) introduction of its Markets in Crypto Assets (MiCA) regulation in June, which was approved in May. It is worth noting that the UK left the EU in early 2020 as part of Brexit.

The UK Finance Ministry has stated that crypto assets will be regulated in accordance with current market laws.

According to lawyers Jonathan Cavill and Sophia Le Vesconte, this move by the UK comes at a time when the country risks missing out on the emerging digital asset market.

Cavill stated the following:

“It’s unlikely that crypto regulation will be easily shoe-horned into the existing regulatory framework.

The reality is that as the market develops at pace, the UK runs the risk of being left behind if it fails to attract crypto businesses.”

LeVesconte states that the UK’s approach is quite similar to that of the EU.

In September, the Financial Conduct Authority (FCA) of the UK announced that it would be taking strict actions against illegal and non-compliant financial promotions starting in October.

The regulator even mentioned that memes related to cryptocurrency that encourage investments in digital assets could be considered as non-compliant promotions and may come under the purview of the law.

Cantor Fitzgerald, a financial services firm providing prime brokerage and investment banking services, has released a report indicating that the long-awaited Bitcoin exchange-traded fund (ETF) could become a reality soon.

Check out our previous article in order to learn more details.