British Govt Crypto Regulation plans coming!
Sources say, U.K. will reveal Cryptocurrency regulation plans in coming weeks.
Big News coming from LONDON that The U.K. government will soon reveal plans to regulate the cryptocurrency market.
According to sources, Treasury officials have shown a willingness to understand the complexities of crypto, which derives its value from existing currencies such as the US dollar.
The relevant department is in discussions with several firms and trade groups regarding the regulation of crypto, including the Winklevoss brothers' crypto exchange Gemini.
British Crypto Regulation Latest News
The UK has taken this decision in view of the risks of investing in crypto.
The Bank of England called for policymakers to expand regulatory frameworks to limit the risks posed by crypto to financial stability.
British Finance Minister Rishi Sunak is expected to announce a new regulatory regime for crypto in the coming weeks, sources tell.
The Govt announcement will focus in particular on stablecoins, digital assets that derive their value from existing currencies.
The details of the crypto regulation are still being finalised. Sources say they are likely to adapt to the industry
The FCA said that a "high number" of crypto businesses are not meeting the required anti-money laundering standards.
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