A new report says that cryptocurrency regulations are expected to soon be released by the UK government.
A CNBC report says the UK Finance Minister Rishi Sunak will provide details on the upcoming cryptocurrency regulations over the coming weeks as the country’s Treasury Department is still working on the final document.
The new regulations will reportedly be friendly to the cryptocurrency space and are expected to offer legal clarity to the burgeoning asset class. The focus will be on stablecoins, according to the report.
According to CNBC, UK’s Treasury Department has been holding discussions with crypto firms and trade groups.
One of the crypto entities that has met with UK officials is the Gemini crypto exchange. UK Treasury officials have reportedly shown a willingness to learn about the workings of crypto assets and the industry at large.
The CNBC report is coming at a time when the various public UK institutions have made adverse moves against the cryptocurrency industry over the past year.
Earlier this month, the Financial Conduct Authority (FCA), UK’s financial regulator, ordered all cryptocurrency ATMs operating in the country shut down for operating illegally. The FCA argued that none of the crypto ATM firms was licensed to operate the cryptocurrency buying and selling devices.
In 2021, the FCA warned that crypto trading giant Binance was not authorized to operate in the UK. The move led several British banks such as Barclays to discontinue some of the services they were offering to the cryptocurrency exchange and its customers.
And in October of 2021, the Bank of England warned financial institutions urging them to adopt a “cautious and prudent approach” when looking to adopt crypto assets.
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