💪 United Kingdom 🇬🇧: Crypto Regulation Framework to Be Ready by Early 2025

💪 United Kingdom 🇬🇧: Crypto Regulation Framework to Be Ready by Early 2025

While Europe has already resolved the issue with MiCA, and Trump remains known for his pro-crypto stance, the British will have to pick up the pace to stay at the forefront.
At the City & Financial Global tokenization summit, the Economic Secretary to the Treasury stated that the regulation will cover cryptocurrencies, stablecoins, and staking services.

➡️ Introduction: In September, Labour proposed a bill aiming to clarify the legal status of non-fungible tokens (NFTs), cryptocurrencies, and carbon credits, declaring them as property. This approach is reminiscent of Russia’s🇷🇺, although in the UK, cryptocurrency usage does not appear to be limited to foreign trade.

➡️ Progress: The UK has opted for a gradual regulatory strategy for crypto assets. Instead of creating an exclusive legal framework for digital currencies, the country plans to encompass not only crypto assets but also businesses associated with them. So far, amendments have been made to the “Anti-Money Laundering Regulations”, including the crypto business, and updates to the “Financial Action Rules”, which now incorporate guidelines for crypto assets.

☠️ The government has acknowledged the need for legislation enabling authorities to confiscate crypto assets linked to criminal activities.

👁 The regulator has explored the conceptualization of a digital pound, and the country has advanced towards creating a “digital sandbox” for certain types of businesses. Phase 1 focuses on fiat-backed stablecoins, while Phase 2 aims to implement a more comprehensive structure for all crypto assets.

⛔️ Staking: has been excluded from classification as a collective investment scheme.

#news #crypto #Europe

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