The UK has confirmed its resolve to make the country adopt new technologies, but by protecting consumers through stringent crypto regulations.
The finance ministry of the UK has suggested new regulations for the crypto industry, inviting industry leaders’ views. The Treasury has asked for feedback from the crypto sector which would help the UK become a crypto hub and protect users from falling prey to scams and fraud.
The Treasury has published a document for the consultation regarding the crypto sector, which calls for a regulatory regime for crypto assets. “We believe that crypto technologies can have a profound impact across financial services. By capitalising on the potential benefits offered by crypto we can strengthen our position as a world-leader in fintech, unlock growth and boost innovation,” stated the document.
The UK has confirmed its desire to become a hub for crypto, but due to recent market events, it has decided to opt for a strict regulatory environment for the crypto industry. The economic secretary to the Treasury, Andrew Griffith, also confirmed this, saying that protecting consumers’ interests and adopting innovative technologies remains their goal.
The UK Treasury also announced a ‘time limited exemption’ for crypto firms in the country to provide their promotions while the industry awaits more clarity in the upcoming rules. The industry has been apprehensive due to uncertainty in the regulations, but the consultation, open till April 30, will help the government frame rules in tune with feedback from the sector.