The International Monetary Fund (IMF) has released a comprehensive nine-point action plan outlining the recommended approach for member countries regarding the treatment of #cryptoassets

The plan includes a prominent call-to-action in the first point, imploring against the grant of legal tender status to cryptocurrencies such as #Bitcoin

The IMF's guidelines address key issues such as the mitigation of risks associated with crypto assets and the establishment of clear regulatory frameworks. It also promotes financial inclusion while maintaining adequate consumer and investor protection. 

The IMF's recommendations are aimed at achieving global consistency and effectiveness in the regulation of crypto assets, promoting financial stability and integrity, and supporting innovation in the financial sector.

According to the sources, International regulating authorities are highly concerned about the future of VDAs after some major collapse in the Industry. The unprecedented and forced regulations from the US regulators are also one of the primary reasons behind this collective call to the member nations.

This IMF plan coincided with the ongoing #G20conference in India which is also working towards building an SOP for crypto transactions. Apart from refuting crypto as legal tender, IMF’s major focus is on managing capital inflows, alongside the adoption of unambiguous tax rules and laws concerning crypto assets.

Furthermore, they call for the development and strict enforcement of oversight requirements for all market actors involved in crypto trading. The IMF stresses the importance of promoting financial stability and integrity and hence emphasizes the implementation of adequate consumer and investor protection measures.

The guidelines are designed to ensure global consistency and efficacy in regulating crypto assets without compromising the #technicalinnovation in the space. The IMF officials also asserted that an outright ban on cryptocurrency should not be the first choice of economies, as there are other options that should not be ruled out of the dialogue.

The UK Parliament has adopted legislation to regulate stablecoins and #cryptocurrency aiming to establish the #UK   as a global hub for #cryptoassets   technology.

The law requires all enterprises cryptoassets to register with the Financial Conduct Authority (FCA) and empowers the #FCA   to control cryptocurrency promotion. Royal Assent is required for the law , but it is expected to be signed by the Queen soon.

The UK already seeked the FSMB to grant regulators the authority to implement crypto laws, following Treasury consultation. The UK aims to catch up with the EU, having recently concluded its Markets in Crypto Assets law. The bill will be returned to Parliament for final approval, and then delivered to the King for enactment.

If the United Kingdom accept Cryptocurrency and stays , that's another reason we should expect a massive growth 📈💹 of #bitcoin etheruem and other altcoins.

Do you think #bitcoin action is coming to stay permanently in the United Kingdom ?

Let's hear your view at the comments 👇

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#uk Crypto Regulation :

UK Parliament Approves Crypto Regulation Bill :

The UK Parliament has approved a bill that would regulate stablecoins and all cryptocurrencies. The bill, which was passed by the House of Lords on June 19, 2023, is part of the government's efforts to position the UK as a "global hub for #cryptoassets technology."

The bill would require all cryptoasset firms to be registered with the Financial Conduct Authority (FCA). It would also give the FCA the power to regulate the promotion of cryptocurrencies.

The bill is still subject to Royal Assent, which is the final step in the legislative process. However, it is expected to be signed into law by the Queen in the coming weeks.

The approval of the bill is a major milestone for the crypto industry in the UK. It provides much-needed clarity and certainty for businesses operating in the space. It also sends a signal to the rest of the world that the UK is committed to regulating #cryptocurrencies. in a responsible way.

#opbnb $BTC #zachxbt $ETH

$OP

#Altcoin Index which can be said to be a mathematical expression where the value only consists of data in the form of numbers. This is very useful for #traders ,they can use the Altcoin Index to be able to read the actual market conditions and can also distinguish data that is noise. A false news or rumors of unclear origin can shake the price of one #crypto asset.

And that can create panic in the market (Fear, Uncertainty, and Doubt / #fud ). In fact, it can trigger traders to sell, thus making altcoin prices decline. This kind of panic can indeed hit traders. They may be influenced to release their crypto assets and exit the market. But there is one advantage, where they can minimize the worry by reading or looking at the Altcoin Index.

If an Altcoin Index value only changes in the range of a few hundred points after the panic, it can mean that the altcoin market has not entered a dangerous level. It can also be said that market conditions are considered stable. Here we are required to think critically. It is possible that the concern is due to the actions of crypto asset dealers (whales) who are deliberately playing the price of a particular crypto asset .

The rate of growth or a decrease in the Altcoin Index is a signal that serious changes in the altcoin market will occur. From this information is quite important for traders who do direct trading or option contracts. So from this, we can take something where armed with the Altcoin Index, as a trader must be able to equip himself with a comprehensive fundamental analysis. In order to be able or know to predict where the price of #cryptoassets will go in the future.

DISCLAIMER:

This article is just for information purposes only, not any financial advice. This article may be used as a reference but please always Do Your Own Research (DYOR) based on your own personal preferences, especially when it comes to spending money. We are not responsible for your own financial decisions.