Crypto currencies could see new regulations in the UK, according to a lawmaker.
The UK government is considering introducing specific laws to regulate the crypto currency industry within the next year, according to a top lawmaker. The government had opened its plans for consultation in February this year, with the consultation period set to end on April 30. The UK exited from the European Union recently, giving the government an opportunity to create regulations in an agile and proportionate way.
The government wants to position the UK as a place for crypto firms to come, in contrast to the US, where regulators have taken a hard line against them. The UK’s regulatory approach will mix both existing regulations and new ones, according to the lawmaker. They will be looking to see the same asset and transaction regulated in the same way, while also taking advantage of new opportunities in the cryptocurrency and distributed ledger space. One example of new legislation that includes provisions for cryptocurrency is the Financial Services and Markets Bill, which is yet to be enforced.
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