#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.