UK government recently announced ambitious plans to robustly regulate crypto asset activities to provide confidence and clarity to consumers and businesses.
The government is introducing new rules for trading platforms and a new structure regime for cryptocurrency. According to the government, the new rules are a robust approach to mitigate significant risks while harnessing the benefits of crypto technologies. This will enable a new and exciting sector to grow safely and boost jobs and investments.
Economic Secretary to the Treasury Andrew Griffith mentioned that the UK government remains committed to growing the economy and enabling technological change and innovation. But the UK government must also protect customers embracing this new technology like cryptocurrency and ensure that it is robust, transparent, and has fair standards.
The new plans will strengthen the rules of financial intermediaries and custodians responsible for facilitating transactions and safely storing customer assets. The UK government can help to deliver a robust, world-first regime by strengthening rules around the lending of crypto assets while enhancing customer protection and the operational resilience of firms.