Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation – Regulation Bitcoin News
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The United Kingdom has announced plans to introduce “robust” crypto regulations to protect consumers and prevent money laundering. The announcement was made by the Financial Conduct Authority (FCA) on Wednesday, June 10.
The FCA said that it wants to ensure that crypto assets are “safe and resilient” and that the sector is “well-governed”. It also said that it wants to ensure that the sector is “innovative and competitive” and that it is “well-regulated”.
The FCA said that it will be launching a consultation on the proposed regulations. The consultation will cover areas such as the scope of the regulations, the types of activities that should be regulated, and the types of firms that should be subject to the regulations.
The FCA said that it wants to ensure that the regulations are “robust” and that they “strike the right balance between protecting consumers and promoting innovation”. The FCA also said that it wants to ensure that the regulations are “clear, proportionate and effective”.
The FCA said that it wants to ensure that the regulations are “future-proofed” and that they “reflect the rapidly changing nature of the sector”. It said that it wants to ensure that the regulations are “flexible” and can adapt to changes in technology and market developments.
The consultation will run until August 5, 2020. The FCA said that it will consider the responses to the consultation and will then decide how to proceed.
The announcement of the consultation is the latest move by the UK government to regulate the crypto sector. In April, the government announced plans to introduce a ban on the sale of crypto derivatives to retail investors.
The UK is not the only country to be introducing regulations to protect consumers and prevent money laundering. In April, the European Union announced plans to introduce a framework for regulating crypto assets.
It remains to be seen how the UK’s proposed regulations will be received by the industry. However, it is clear that the government is taking steps to ensure that the sector is well-regulated and that consumers are protected.
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