According to one person, the UK Treasury will announce a broad range of cryptocurrency regulations within the next day. January 31st Report from Reuters.
The ministry, also known as HM Treasury, plans to release draft rules for UK cryptocurrency companies on Wednesday 1st February.
According to a statement by the Treasury Department and its Financial Services Minister, Andrew Griffiths, these rules apply to cryptocurrency exchanges (that is, exchanges). Certain rules also apply to financial intermediaries and custodians.
Specifically, this requirement imposes a “fair and robust standard” that requires exchanges to define content requirements for authorization and disclosure documents.The term refers to a set of standards currently observed It is by a company that is aiming to list on the London Stock Exchange but may be able to adapt to the cryptocurrency exchange.
After releasing the draft, the ministry will consult with the public for three months. It then accepts proposals for detailed rules from the Financial Conduct Authority (FCA).
Today’s news was preceded by a parliamentary debate on Jan. 25, with Griffiths leading the conversation and lawmakers calling for more regulation.
Reuters had strongly suggested that the upcoming rule was motivated by the collapse of Sam Bankman-Fried’s FTX exchange last November. However, the Treasury Department did not express this view explicitly in the statement quoted.
Despite strict rules, Griffiths said today that the UK’s economic growth efforts “will include cryptocurrency technology.” In a similar report on January 11, he said the UK should move forward with plans to become a crypto hub.
