British authorities to reveal crypto regulation in near future: Report
UK crypto investors will no longer need to remain in the dark when it comes to cryptocurrency laws and regulations. The nation has been working on regulating the entire market in the country and it seems British Finance Minister Rishi Sunak is all set to reveal everything in the coming weeks, as per a report from CNBC.
British authorities focus on crypto regulation
As per the report, several sources told CNBC that they are working on crypto regulation and a rapidly growing industry of stablecoins which remain a major cause of concern for authorities. As recently discussed in a report, the Bank of England is also planning to release a central bank digital currency in the near future.The report from CNBC also stated that “details of the plans are still being finalized” but sources confirmed that “they are likely to be favorable to the industry, providing legal clarity for a sector that has so far been mostly lacking in regulation.”
It is also important to note here that the sources have revealed that authorities are ready to dig in deep into the complexities of the crypto industry and the US-dollar pegged digital currencies called stablecoins. The authorities are in close talks with cryptocurrency exchange Gemini.
The current stance of authorities
The current stance of British authorities when it comes to cryptocurrencies has been mainly strict regarding crypto promotions and scams. Last year, we witnessed the authorities rain down heavily on the Floki Inu ad which caused a stir in the entire city of London. Moreover, the Financial Conduct Authority has also expressed its concerns about Binance, the world’s biggest cryptocurrency exchange.Cryptonary also reported that the FCA ordered crypto ATM operators to shut down their machines in the United Kingdom because none of the crypto companies registered with it are authorized to offer crypto ATM services.
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