UK to propose clearer crypto regulations by July

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The UK Treasury plans to unveil regulations for crypto assets and stablecoins by July, fostering homegrown ingenuity in digital currencies and blockchain tech within the country.

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At the Innovate Finance Global Summit 2024, Bim Afolami, the U.K.’s economic secretary to the Treasury, shared updates on the government’s efforts to prepare for a major overhaul of the country’s payment system.

In addition to the U.K.’s efforts in advancing traditional payment systems, Afolami emphasized the need for regulating cryptocurrencies to keep up with global market trends.

“Speaking of true change, I know that the cornerstone of our position as a world leader in fintech is the delivery of our regulatory regime for crypto assets and stablecoins.”

Afolami emphasized that the British administration intends to strike a harmonious balance: permitting businesses to be creative, yet safeguarding consumers through appropriate regulations.

The U.K. Treasury is currently developing conclusive plans regarding stablecoins and crypto staking, which they aim to unveil between June and July.

“Once it goes live, a whole host of crypto asset activities including operating in exchange taking custody of customer assets and other things will come within the regulator perimeter for the first time.”

Afolami also announced the formation of an open finance task force during the conference.

He noted that the task force would create a distinct list of suggestions, identifying the crucial datasets for business motivations that will advance CFIT’s small business lending project within open finance.

Starting April 26, U.K. government agencies are granted the authority to request and obtain cryptocurrencies directly from exchanges and digital wallet providers.

After adjustments were made to the Economic Crime and Corporate Transparency Act of 2023, the law takes hold. These amendments expand the National Crime Agency’s authority to confiscate and seize cryptocurrencies suspected of being involved in shady, illicit activities, bypassing lengthy legal processes.

The standard method for eliminating a cryptocurrency token involves removing it from circulation by sending it to a designated “burn” wallet address, effectively rendering it unusable and destroyed.

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2024-04-16 12:05