UK Crypto Regulation Is Changing, Recognition Looming at Long Last
Simon Chandler's original article for cointelegraph.com reduced by 79%
The situation has slowly begun to change in recent months, with the Financial Conduct Authority updating its guidelines on cryptocurrencies, and with a series of consultations on crypto regulation due to begin toward the end of the year. While these are only preliminary steps, they will most likely go a long way in establishing the kind of standardized, rule-bound environment that will provide investors and the general public with the confidence that crypto is safe. "Secondly, we need a proportionate, well-designed regulatory regime for crypto assets in the UK to support the sector's growth.
Whilst the UK Government has made positive noises, other countries such as Japan and Switzerland have grasped the initiative more strongly. As the Government seeks to compete on the global stage post-Brexit, we urge you to take the lead in attracting crypto companies to base themselves here in the UK.". "The current guidance implements the experience and knowledge gathered by crypto businesses from the international market over the last few years and represents the position of the major cryptocurrency businesses in the UK.
It lays well on top of the existing financial regulations." "To us, 'fair' regulation protects customers and clears obstacles to crypto businesses who proactively cooperate with regulators and obey the rules. So far, the FCA has done a great job protecting customers. We are expecting the next steps to help businesses." "The launch of business models with the scale and ambition of Libra illustrates why it is so important for jurisdictions like the UK to get crypto regulation right now, to create the right environment for encouraging innovation and protecting consumers, rather than attempting to regulate later in a retroactive way." Assuming that the cryptocurrency industry continues its steady rise to mainstream prominence, it's only a matter of time before crypto in the U.K.
receives the regulation it has long demanded.
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