The UK is finalizing plans for regulation of the crypto sector, moving ahead with plans to make Britain a hub for the industry as it grapples with the fallout from FTX’s collapse.
(Bloomberg) — The UK is finalizing plans for regulation of the crypto sector, moving ahead with plans to make Britain a hub for the industry as it grapples with the fallout from FTX’s collapse.
The Treasury will shortly launch a consultation on the new regulatory regime, according to people familiar with the matter, who asked not be named discussing private matter.
The package may include provisions for how to deal with the collapse of companies and restrictions on the advertising of products, according to the Financial Times, which reported the news earlier.
In April, Rishi Sunak spoke of making the UK a post-Brexit “crypto hub,” announcing a plan for government oversight of stablecoins and said it would consult on regulating a wider set of cryptoasset activities. Currently the UK’s Financial Conduct Authority only has an anti-money laundering registration process for crypto companies, although it has repeatedly warned investors about the risks of investing in crypto.
Read More: UK Signals Crypto Engagement With Stablecoin Regulation, NFT
The news comes with the UK government set to announce a package aimed at boosting growth in financial services and the City of London on Friday. City Minister Andrew Griffith said last week the UK sees opportunity in fiat-backed stablecoins.
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