The UK Treasury has published a consultation paper on the “Future financial services regulatory regime for cryptoassets” setting out proposals for the future regime and marking the next stage in the government’s approach to regulating crypto. The consultation paper builds on previous Treasury proposals which focussed on stablecoins and the financial promotion of cryptoassets. The government intends to regulate cryptoassets under the UK’s Financial Services and Markets Act 2000 and to give the Financial Conduct Authority powers to write tailored rules applicable to cryptoassets. According to the Treasury, the proposals “seek to deliver on the ambition to place the UK’s financial services sector at the forefront of cryptoasset technology and innovation and create the conditions for cryptoasset service providers to operate and grow in the UK, whilst managing potential consumer and stability risks”.
Sources: https://cutt.ly/29MFE8h
