#FIS $BTC BREAKING:
$FIS The U.K.government just
dropped a BOMBSHELL with their final #crypto
You won't believe what's
regulation proposals
happening in the world of cryptocurrencies 91
The U.K.government has published its final
#crypto regulations, aiming to make the country
a preferred destination for the crypto industry. 2
The regulation will be phased, with legislation for
fiat-backed stablecoins set to be introduced in
early 2024. 3 The government's plan aligns with
a policy to establish the U.K. as a #crypto-asset
hub, initiated by Rishi Sunak, the current Prime
Minister. 4 The regulations will cover various
#crypto activities, bringing them under the
oversight of the Financial Conduct Authority
(FCA). 5 Notably, these rules won't impact
#crypto assets already regulated, like traditional
securities, and unique NFTs classified as
collectibles or artwork. 6 The FCA will consult
on an authorization regime for #crypto
companies. 7 The government intends to create
equivalence measures for overseas The government intends to create
equivalence measures for overseas firms to
operate in the U.K. 8 The government explicitly
stated that it doesn't plan to ban decentralized
finance (DeFi), acknowledging it's too early to
regulate this aspect of the #crypto industry. 9
The proposed regulations have faced some
criticism, with concerns about #crypto being
treated like conventional financial services.10
The #crypto industry has expressed frustration
over delays and poor feedback from the FCA,
leading to some firms reducing their U.K.
services due to recent rules restricting crypto
promotions. # Summary:G These regulations
aim to strike a balance between fostering the
#crypto industry's growth and ensuring
adequate oversight and protection for users
JUST IN: 52 UK to regulate crypto in 2024.