The Government has launched a consultation into its plans to regulate crypto assets. It is seeking views on improving market integrity and protection of consumers ...
The Treasury has been thinking of crypto regulation for a while now. There have been rumours of a UK digital currency, but in the short term, it's about harnessing the advantages of crypto technologies which could help the sector grow and create jobs.
The Government says it remains steadfast in its commitment to growing the economy, but it must also protect consumers who are embracing this new technology, ensuring robust, transparent and fair standards.
The proposals also include safeguards to strengthen the financial rules for intermediaries and custodians who have responsibility for facilitating transactions and storage of customer assets.
I do welcome the Government's consultation and it's positive to see the proposed regulations cover more than just cryptocurrency itself. The regulations need to have the correct scope and the consultation is helping with that!
There are many failings in the crypto sector, from money laundering and fraud to loss of assets by investors, so for crypto to have a future, it needs regulating. The Government's roadmap is ambitious, but it does remain to be seen how fit for purpose any final legislation is.
If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.