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The United Kingdom has unveiled draft crypto laws that aim to give investors confidence while regulating more parts of the industry. Around 12% of UK citizens owned cryptocurrency as of August 2024.
A 27-page draft document of Order 2025 of the Financial Services and Market Act 2000 and an accompanying policy explainer highlights new definitions for crypto assets like stablecoins, while bringing acts like custodying crypto assets and operating crypto exchanges into the regulatory fold.
“Through our Plan for Change, we are making Britain the best place in the world to innovate—and the safest place for consumers,” said UK Chancellor of the Exchequer Rachel Reeves, in a statement. “Robust rules around crypto will boost investor confidence, support the growth of fintech, and protect people across the UK.”
Get more details on this development in Decrypt.Co (https://decrypt.co/316923/uk-government-draft-crypto-laws).
I am really hoping that this can be approved as a law for crypto in UK and though this can mean more regulations for the industry it can come with many possible benefits. I am not familiar with the UK crypto scene but I am sure they can be able to contribute a lot to the industry if given the chance to and not anymore think of what can be later with murky treatment from the government. There is really that need to clear things and to define matters so that the field is fair and a lot simpler.
What do you think on this possible coming UK regulatory law on crypto?
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I am not familiar with the UK crypto scene but I am sure they can be able to contribute a lot to the industry if given the chance to and not anymore think of what can be later with murky treatment from the government. There is really that need to clear things and to define matters so that the field is fair and a lot simpler.
what’s quite interesting is i just recently found out that uk left eu a few years ago eu doesn’t seem to be that open when it comes to crypto if the ban of tether is anything to go by so maybe uk leaving eu was a good thing after all and now they can make their own path when it comes to crypto
many countries are looking to set proper and official regulations about crypto and it seems like they are heading towards positive direction so i guess these regulations may bring more benefits after all at least the industry will now be officially realized