The consultation comes amid a turbulent period for cryptocurrency markets, with confidence among investors at a low ebb following the sudden collapse of major exchange FTX and the falling value of Bitcoin, among other challenges.
'Regulate crypto before systemic problem'The proposals - which Labour said had arrived too far too late - come as the crypto industry seeks to regain the confidence of spooked investors.and major exchange Coinbase cut 20% of its workforce.be a"global crypto asset hub"Andrew Griffith, economic secretary to the Treasury, said the government was still committed to enabling crypto, but stressed the need to"protect consumers who are embracing this new technology".
In the meantime, the Treasury announced it would be introducing a time-limited exemption to let more crypto asset companies issue promotions following aFirms that are registered with the Financial Conduct Authority for anti-money laundering purposes will be allowed to while the broader regulation is being introduced.What is the main aim of cryptocurrency?Crypto fraud expert Louise Abbott, a partner at Keystone Law, welcomed the proposals.
Ms Abbot hopes the regulation could be in place as soon as the summer, adding that it was in the interests of both exchanges and investors for greater oversight of the market.who saw his platform banned in the UK in 2021"Unless we become a safer environment, investors will not invest in the way we have seen," Ms Abbot added.
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