Financial regulators in the United Kingdom are reportedly planning to adopt new regulations for the country’s crypto industry.
According to Reuters, the Treasury, Britain’s top financial regulator, plans to develop and implement sweeping rules to regulate crypto.
Britain is following in the footsteps of the European Union (EU), which began implementing its Markets in Crypto Assets (MiCA) regulations in June, following the approval of MiCA in May. Britain left the EU in early 2020 as part of Brexit.
According to the UK Treasury, crypto assets will be regulated under current market legislation.
A pair of lawyers, Jonathan Cavill and Sophia Le Vesconte, say the move from Britain comes at a time when the country risks missing out on the emerging market for digital assets.
Says Cavill,
“It is unlikely that crypto regulation will be easily integrated into the existing regulatory framework.
The reality is that as the market rapidly develops, Britain risks being left behind if it fails to attract crypto companies.”
According to LeVesconte, the British approach is broadly similar to that of the EU.
In September, the UK Financial Conduct Authority (FCA) announced it would be cracking down on illegal and non-compliant financial promotion from October. The regulator even said that crypto-focused memes that encourage investing in digital assets could be non-compliant promotions and subject to the law.
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Featured image: Shutterstock/Mia Stendal/Natalia Siiatovskaia