Great Britain has rolled out new rules for crypto regulation
The UK Treasury has prepared a new package of laws to regulate cryptocurrencies. Now the consulting stage with large companies has begun, followed by the approved provisions announcement.
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When Rishi Sunak was announced as the new UK Prime Minister, the crypto community expected that the Cabinet of Ministers of the world's sixth-largest economy would pass progressive laws on the digital ecosystem. Indeed, back in 2021, Sunak positioned himself as a big blockchain supporter and promised to turn the country into a global financial crypto hub.
Let’s remember what regulation plans Rishi announced then:
1. Recognize stablecoins as a legal form of payment at the state level.
2. Collaborate with the Royal Mint to launch UK government-backed NFTs.
3. Create “the financial market infrastructure sandbox” so that medium-sized businesses get access to advanced technologies and tools for working with them.
4. Engage cryptocurrency experts from around the world to give Britain a competitive edge in the digital economy.
But it seems that the FTX collapse, followed by a chain reaction in the crypto sector, changed the plans of “the biggest crypto enthusiast in the government”.
The Financial Times reports that the list of new regulations for the British crypto industry will be released shortly. And, according to the insider information, there is very little left of Rishi Sunak's former optimism.
What will change for the crypto business?
1. Restrictions on the sale of cryptocurrencies for non-residents.
2. Restrictions on advertising and promotion of crypto projects.
3. Expanded list of documents required to obtain a license for blockchain-related activities.
4. New regulation on the bankruptcy procedure for crypto companies.
Details are not yet known. The Cabinet of Ministers speakers report that the government has entered the stage of negotiations with the country's leading crypto companies representatives. Let's see if they can soften the tough regulators’ approach.
Judging by current events, Sam Bankman-Frieds stupid actions will cost the cryptocurrency industry even more than we could have anticipated.
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