UK plans “robust” rules for crypto exchanges

The UK’s concern ministry is readying to unveil extended cryptocurrency regularisation wrong the adjacent day, according to a Jan. 31 study from Reuters.

The ministry, different known arsenic HM Treasury, is expected to people draught rules for British crypto companies connected Wednesday, Feb. 1.

According to statements from the Treasury and its fiscal services curate Andrew Griffith, those rules volition beryllium applied to crypto trading venues (ie. exchanges). Specific rules volition besides beryllium applied to fiscal intermediaries and custodians.

Specifically, the requirements volition enforce “fair and robust standards” requiring exchanges to specify contented requirements for admittance and disclosure documents. That word refers to a acceptable of standards currently observed by companies seeking a listing connected the London Stock Exchange but which could beryllium adapted to crypto exchanges.

Following the merchandise of the draft, the ministry volition consult with the nationalist for 3 months. It volition past judge proposals for elaborate rules from the Financial Conduct Authority (FCA).

Today’s quality was preceded by a Jan. 25 parliamentary debate, wherever Griffith led the speech and lawmakers called for further regulation.

Reuters powerfully implied that the upcoming rules were motivated by the illness of Sam Bankman-Fried’s FTX speech past November. However, the concern ministry did not explicitly explicit this conception successful immoderate quoted statements.

Despite the strict rules, Griffith said contiguous that the UK’s committedness to economical maturation “includes cryptoasset technology.” In akin reports from Jan. 11, helium said that the UK should proceed with its plans to go a crypto hub.

The station UK plans “robust” rules for crypto exchanges appeared archetypal connected CryptoSlate.