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ARTICLE · 16 FEBRUARY 2023

UK Announces Proposals For Crypto Regulation

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The UK government has announced that it plans to regulate crypto under its existing financial services regime. Under the proposals, crypto will be subject to the UK Financial Services...

United KingdomTechnology
Justin Williams
Justin Williams
Ing Loong Yang
Ing Loong Yang
Alexander Armytage
Alexander Armytage
Peter I. Altman
Peter I. Altman
Ezra Zahabi
Ezra Zahabi
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The UK government has announced that it plans to regulate crypto under its existing financial services regime. Under the proposals, crypto will be subject to the UK Financial Services and Markets Act 2000 and under the remit of the UK Financial Conduct Authority, and the existing market abuse regime for financial instruments will apply.

The United Kingdom (UK) aims to keep up with the regulatory wave that is expected to arise in the European Union (EU) following the European Council's approval of the Markets in Crypto-Assets Regulation, or "MiCA".

The government released a consultation paper on 1 February 2023 on its proposals, which aim to strike a balance between managing potential consumer and stability risks and creating a financial environment in which cryptoasset service providers can operate, innovate and grow.

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