All states want to implement their own cryptocurrency rules quickly and protect their citizens. England is one of these States and prefers to act more cautiously than others. Today’s announcements were very important. So will the UK introduce a ban on the cryptocurrency industry?
UK Cryptocurrency Regulation
The UK’s financial regulator is inviting participants to its first ever “Crypto Sprint” event to give an insight into policy development. The Financial Conduct Authority (FCA) said in a post on its website on Monday that the May 10-11 event will be attended by industry leaders, including technologists, cryptography experts, academics, regulated financial institutions and consumer protection organizations.
With this event, the FCA aims to improve its understanding of new crypto technologies and how they can be regulated. The participants will be divided into 4 different groups and will discuss the benefits/harms of the cryptocurrency industry from their point of view. In particular, the teams will consider three statements about problems that, according to the FCA, affect key stages of the life cycle of firms dealing with crypto assets. These include disclosure of information about the issuance of crypto assets to investors, the establishment of regulatory obligations for centralized and decentralized crypto companies, as well as loopholes in the current regulatory framework.
The British Finance Minister said that he wants to make his country a global center of the cryptocurrency industry. There was a lot of news from England today. The governor of the Bank of England, Andrew Bailey, said that cryptocurrencies offer innovative opportunities, but scammers are also actively using cryptocurrencies. Bailey warned citizens to be careful.
The Treasury announced that the Chancellor had asked the British Mint to create an NFT. The UK, which is not as tough on cryptocurrencies as China, believes that a comprehensive legal framework is an urgent need. In unregulated markets, it is much easier to deceive people, and scammers can act freely.
According to experts, by the second quarter of 2023, comprehensive rules concerning cryptocurrencies will be implemented globally. In our country, although the draft text has been prepared, the work has not yet been submitted to the Parliament.