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Cryptocurrency RegulationNews

United Kingdom Review Shows That Bespoke Laws Should Be Adopted

Ever since Bitcoin was developed and released, we have seen the sporadic growth of the Fintech specs across several countries, showing just how well the sector is doing. Last week, the United Kingdom government sanctioned a commission to look into the potential of crypto and the country’s Fintech space.

This week, the commission has given back a report showing how much potential the sector has. According to the commission’s report, the United Kingdom government needs to give the Fintech space more attention. If this is done, the country would be able to go all the way to the top and dominate other countries when it comes to the Fintech space.

Various Fintech and crypto regulation were considered

In the review that was compiled by the member of the sanctioned commission, Ron Kalifa OBE, took into consideration various regulations that have been enforced in the crypto space. The author also mentioned that he further adopted and looked into how the European Union proposed the crypto assets proposal.

In the closing stages of the review, he mentioned that the country has such standing when Fintech is concerned and should do what they can to make sure that their lead is preserved. The review also mentioned that the United Kingdom should not just look into the regulations birthed through MiCA but should be able to roll out theirs.

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The author mentions that should the United Kingdom roll out a bespoke regulation for the space, they would be able to use the regulation to protect the space. The review also mentioned that even though the regulations would be open to looking at the sector’s risky aspect, especially the crypto sector, they should also attack the issue from a neutral perspective.

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The review gave the approach that the government could use

The review also talked about the kind of approach that the government should take to regulate the sector. It notes that if the government takes a friendly approach, then it would see the blossoming of the sector in the coming years. Giving a key example, the review talked about the regulatory framework of the decentralized finance sector.

The review also discussed several key discussions from an earlier paper submitted by the HM treasury some weeks ago. The HM Treasury paper talked largely about how the country could use its regulation of stablecoins and others to open up its economy on a broader scale. Stablecoins have been know to be a little better than natural digital assets as they are always pegged to fiat currencies and, in this case, the American dollar.

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Also, they have little or no volatility compared to digital assets such as Bitcoin and others. The review also positions that the HM Treasury was looking into adopting stablecoins as a means of legal tender across the country. It suggested that as the days roll by, they would be able to add other assets to this class.


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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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