The UK government is all set to introduce measures that would bring the crypto industry under the umbrella of mainstream financial regulations, following last year’s catastrophic crashes of crypto exchange FTX and stablecoin issuer Terra rocked the industry and pushed retail investors to the edge of the cliff.
In a statement to the press, it was said that the widely-anticipated consultation, published by His Majesty’s Treasury on February 1, seeks input from industry members and experts on rules aimed at protecting consumers while also aligning with the country’s ambition to become a crypto hub.
The Treasury said that it would lay out a series of proposals to “regulate a broad suite of crypto asset activities, consistent with its approach to traditional finance.”
Furthermore, it was revealed that the Treasury would backtrack on a previous commitment to align the regulation of crypto promotions with the standards applied to stocks, shares, and insurance products. The consultation also suggests that crypto companies be subject to prudential and data reporting requirements.
Speaking on the matte …
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Source: Cryptocurrency - investing.com
