Britain to announce new crypto regulatory regime in the near future
UK Treasury Secretary Rishi Sunak is expected to announce crypto regulations in the coming weeks
According to a recent report published by CNBCUK government is preparing to unveil its cryptocurrency regulatory framework in the near future.
Citing knowledgeable sources, the report says the new crypto rules will be positive for crypto companies and investors.
The main goal of the forthcoming regulatory framework is to eliminate regulatory uncertainty that continues to plague the industry.
Treasury officials have been working side by side with cryptocurrency companies and trading groups to come up with some common sense. Gemini, a popular cryptocurrency exchange led by the Winklevoss twins, is expected to be part of the conversation.
Treasury officials have reportedly made an effort to understand the ins and outs of some advanced cryptocurrency products such as stablecoins.
Earlier this week, Reuters reported: that the Bank of England (BoE) had begun work on Britain’s first regulatory framework.
For now, cryptocurrencies remain largely unregulated, despite significant growth in the UK and other countries in the past year.
Despite crypto’s proliferation, the BoE’s Financial Policy Committee (FPC) concluded it had yet to threaten the country’s financial stability. However, the rampant growth of crypto could become more risky in the future.
Earlier this year, the UK’s Financial Conduct Authority (FCA) banned cryptocurrency ATMs.
Last year, BoE Governor Andrew Bailey described cryptocurrencies as “dangerous”.
The UK is, of course, far from the only country currently working to regulate the cryptocurrency sector. US President Joe Biden recently released the country’s highly anticipated executive order that has been widely praised by members of the cryptocurrency industry despite the lack of clarity on some key points.