Under the leadership of John Glen MP, who is the Chief Secretary to the Treasury, the United Kingdom Treasury is reportedly finally rounding up a scheme to govern and oversee the cryptocurrency industry.
This development came especially following the unfortunate fall of the popular crypto exchange FTX. A number of clauses are reportedly included in the framework, like an embargo placed on dealing with certain international markets, how to manage crypto firm failures, and so on.
Several New Touches In The Framework
According to the famous business publication, The Financial Times, it appears as if the United Kingdom will officially make a rollout of newly crafted rules and regulations to guide and govern the affairs of the UK cryptocurrency industry.
Following the fall of the popular crypto exchange, FTX, last month, economists and experts in the crypto industry began to call for a clearly defined set of rules and regulations in the crypto industry. According to them, they will be uniform, not too distinctive globally, and strictly enforced.
The development came from the need to put investors who are entrusted with the funds of community members into the crypto industry, as it appears that the normalcy is for crypto firms to pack up without offering an account for people’s money.
Also read:Although some experts have said that the crypto industry should be left unregulated as that is the crux of the industry itself, it appears that that line of thought will be held irrelevant as more sets of rules and regulations are expected to roll out globally.
There are reportedly several new touches in the framework, ranging from listed techniques that are to help contain failures of crypto, an embargo placed on dealing with some international markets, the rules and regulations to follow for advertising, and so on.
The Financial Conduct Authority’s Scope To Be Widened
Consistent with the fact that the Financial Conduct Authority (FCA) has always been in charge of overseeing the UK crypto firms and ensuring that money is not laundered, the body with the new regulations about to roll out has reportedly been given full power to oversee the affairs of the industry generally.
The jurisdiction of the body has extended to even overseeing the affairs of the various firms in the crypto industry and ensuring that they do not flout any rules and regulations.
The new rules are sophisticated and reportedly will include some guidelines for how firms are expected to market their products. Some people are beginning to wonder if the heat on the crypto industry will be unbearable.
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