The department’s proposals were published for public discussion. The new rules are aimed at implementing the UK government’s plans to make Britain a leader in cryptoindustry. Review by Crypto-Upvotes experts.
Treasury Department has submitted draft regulations on crypto-assets for public consultation. The ministry said the proposals are aimed at realizing the government’s “ambitions. Which intends to make the country a leader in the crypto industry and create conditions for work. As well as the development of cryptocompanies in the UK, taking into account the potential risks.
The UK has set a goal to increase London’s global competitiveness in the financial sector, including the cryptocurrency industry. In late November last year, UK Treasury Secretary Andrew Griffith confirmed the government’s desire to make the UK a global hub for crypto-assets and blockchain technology.
The government pledged to introduce a new regulatory regime in April 2022. Public discussions of the document submitted by the Ministry of Finance will last for three months and will be completed by April 30.
The new rules will apply to the issuance of digital currencies and the activities of crypto platforms. As well as including DeFi-services, public offering of assets, conducting transactions, credit products and ways of storing digital currencies.
The document also raises the issue of the need to regulate mining and blockchain validators. The paper’s authors point out that the computing power of UK miners is a very small percentage of global Bitcoin production – only 0.23%. Therefore, there may be no reason to regulate mining. Nevertheless, the government is interested in any opinions on the topic.
Cryptocurrency exchange Binance said it welcomes the UK government’s action because it believes in the need for effective and appropriate regulation for the mass adoption of digital assets.
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