New Bill On Crypto Regulation Released By UK Authorities
This October, 21, a document amending the Fiscal Companies and Marketplaces Act on the regulation of stablecoins was published.
The amendment document clarifies that commercial furtherance and organizing powers can be used to confine crypto-assets and crypto-asset-related activities. In addition, a definition of crypto-assets and the right to revise this explanation is provided.
Recall that Chancellor Fuller had announced in September that the authorities wanted to turn the United Kingdom into a cryptographic hub.
On October 10, the Economic and Financial Committee of the European Parliament is expected to adopt a draft law on crypto-asset markets, which will be voted on in the plenary session of the parliament.
What will the law change?
The FCA is currently mandated to regulate cryptocurrencies in the UK and has strict anti-money laundering (AML) requirements, although the registration of any cryptocurrency business is largely up to the agency. If the measure is legislated, the UK authorities will have a comprehensive regulative system for cryptocurrencies.
However, it will have full powers to shape cryptocurrency-related actions and prohibit unaccredited service suppliers.
The legislative process was due to be completed by November 3, but Prime Minister Lisa Truss’ resignation letter could prevent that. Remember that the Prime Minister resigned this week after the unsuccessful taxation cut off fund that shook the financial industries.
The law, created this summer, passed the House of Commons on second reading in September.
British government concerns led to the proposal. From time to time, the UK authorities have increased fears about the demand for control of cryptocurrencies and their financial instruments.
The authorities’ opinion
Nevertheless, this has resulted in a proposition that the Ministry of Finance will have to build on existing oversight to monitor crypto-assets-related campaigns without developing a brand-new system for electronic currency.
That’s what Urban Affairs Minister John Glenn said that people can be put at a disadvantage if advertising from unaccredited operators is deceptive or does not adequately describe the risks.
That is why they wish to strengthen the protection of commercial projects, adding crypto, while proceeding to guarantee that people have access to a broad reach of products.
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