His Majesty’s Treasury published a long-anticipated consultation paper for the United Kingdom’s upcoming crypto regulation. The extensive 80-page document covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens (NFTs) and initial coin offerings (ICOs). As stated by the Treasury, the proposals seek to place the U.K.’s financial services sector at the forefront of crypto and avoid hardline control measures that have gained momentum globally amid the crypto winter. The Treasury announced that there won’t be a separate regulatory regime for crypto as it would fall under the framework of the U.K.’s Financial Services and Markets Act 2000 (FSMA). The goal is to level the playing field between crypto and traditional finances. However, Britain’s chief financial regulator, the Financial Conduct Authority (FCA), will tailor the existing FSMA’s rules for the digital assets market. At least one nuisance from that decision is the obligation for crypto market participants to repeat the registration procedure. They have already had to undergo the process under the FCA licensing regime, but they will now need to be assessed “against a wider range of measures.”
Full report : UK Treasury publishes crypto framework paper: Here’s what’s inside.
