INTERNET CITY, British Virgin Islands, 11th February, 2023, Chainwire
The UK’s financial ministry published a long-awaited consultation paper regarding crypto regulation, calling for industry feedback. The paper echoed the UK’s ambition to be a key player in the crypto industry and secure its position as a global crypto hub. The 82-page document shared regulatory proposals aiming to create a robust regulatory framework and provide better consumer protection.
In the aftermath of FTX and Terra, regulators worldwide are calling for more oversight of the crypto industry. Whilst the European Union is in the final workings of approving its groundbreaking Markets in Crypto Assets (MiCA) framework, awaiting a final vote in April 2023, the UK is trying to catch up. Their own legal blueprint for crypto, the Financial Services and Markets Bill(FSMB), is expected to be finalized in April.
“We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes crypto asset technology. But we must also protect consumers who are embracing this new technology – ensuring robust, transparent, and fair standards,” Economic Secretary to the Treasury, Andrew Griffith said in a press release.
The proposals seek to regulate crypto with the same approach as with traditional finance, ensuring crypto promotions be held to the same standards as financial services of equal risk levels. Specifically, crypto trading venues shall be responsible for “defining the detailed content requirements for admission and disclosure documents”.
The document also stated that “the government intends to include the financial services regulation of crypto assets within the regulatory framework established
by the UK’s Financial Services and Markets Act 2000 (FSMA)”, meaning there will be no separate regulatory regime for crypto.
“Voices from the private sector will definitely help with creating a comprehensive framework, which makes the consultation very exciting,” LBank CMO, Kaia Wang, shared. “Collaboration between regulators and the private sector is key. The UK is obviously very enthusiastic about crypto and we are excited that the UK is promoting innovation and welcoming technological change. The UK market is very vibrant and we can’t wait to see its future growth,” Wang added.
The consultation will close on 30 April 2023, before which the British government welcomes responses from all participants in the industry. The government will consider feedback and work to set out its consultation response in the following months.
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