The UK crypto industry eagerly awaits regulatory clarity as Andrew Griffith speeds up his efforts to pass Financial Services and Markets Bill. The UK MP and economic secretary to the Treasury is determined to pass the bill by Easter, which will likely increase the powers of the Financial Conduct Authority (FCA) and HM Treasury. This bill will also regulate stablecoins and bring the UK crypto regulations on par with European Union.
Recently, the UK government released a consultation paper for regulating the crypto trading and lending industry. The paper outlines a comprehensive framework covering UK crypto exchanges and similar service providers. This framework aims to enhance the regulatory authority of the Financial Conduct Authority (FCA).
Crypto Industry Welcomes The New Regulations
The recent proposal for regulating the UK crypto industry has received a positive response from the industry, which now has until the end of April to provide feedback. The UK government aims to introduce efficient, reasonable, and well-balanced crypto regulations. It also wants a safe usage of crypto technology while clarifying regulatory standards and encouraging investment in financial technology.
“The golden thread here is innovation… Being at the forefront of change is how we will make the UK the natural home of innovative financial services companies.”Andrew Griffith – UK MP and economic secretary to the Treasury
Rishi Sunak, the current prime minister and former finance minister, also aims to make the UK a crypto hub. Therefore, the upcoming Financial Services and Markets Bill will give much-needed regulatory clarity to cryptocurrencies. To achieve this, Griffith has planned six roundtables with the sector throughout 2023.
The UK is taking steps to regulate the crypto industry and make it a hub for innovative financial services companies. The upcoming Financial Services and Markets Bill and the new crypto regulatory framework will bring much-needed clarity and stability to the sector. According to a recent survey, nearly 70% of crypto companies in the UK support the introduction of regulatory measures, as it would provide a clearer understanding of the legal framework and boost investor confidence.