futurewithcrypto.com
The Treasury is putting the finishing touches on a set of comprehensive regulations to control the bitcoin market.
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Limitations on foreign businesses selling to the UK, guidelines for handling corporate failure, and limitations on product advertising are all included.
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After the collapse of FTX gave the government's pledge to impose order on the "wild west" of finance new urgency, ministers will soon begin a consultation on the new regulatory framework.
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While still chancellor, Prime Minister Rishi Sunak declared in April that "effective regulation" would aid in establishing Britain as a centre for cryptoasset technology.
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The UK's Financial Conduct Authority started auditing cryptocurrency companies' anti-money laundering measures this year.
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However, it lacks broader authority to defend consumers in instances of unfair selling, deceptive advertising, fraud, and poor management.
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According to three people familiar with Treasury's thinking, the new authority will allow the FCA to monitor crypto in a wider range of ways, including how businesses run and market their products.
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The proposals would outline how cryptocurrency companies could be wound down, they added, and there would be restrictions on selling into the UK market from abroad.
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A comprehensive piece of legislation currently being debated in parliament, the financial services and markets bill, will include the powers.
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The measure that underpins the UK's post-Brexit financial regulation strategy was modified in late October to include potential rules for cryptocurrency.
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