The UK has completed its plans for cryptocurrency regulations.
With the collapse of FTX bringing urgency to crypto sector regulations, the country accelerated its work on regulations.
UK Ends in Regulations
Ministers will initiate a consultation on new regulations. The country’s prime minister, Rishi Sunak, said while he was chancellor in April that “effective regulation” could make the UK a global hub for crypto technology.
Earlier this year, the FCA began examining the money laundering measures of UK-based crypto companies. The regulator still does not have broad powers to protect consumers in areas such as false sales, false advertising, fraud and mismanagement.
Sources familiar with the matter said that with the new regulations, the FCA could oversee the cryptocurrency industry more broadly.
The government’s desire to make the UK a global hub has become a more important focus as the crypto industry goes through crisis after crisis.
Despite the turmoil in the industry, politician Andrew Griffith said:
“Yes there are questions about the future of cryptocurrency, but it would be foolish to ignore the underlying technology”
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