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His Majesty’s Treasury published a long-anticipated consultation paper for the United Kingdom's upcoming crypto regulation. The large 80-page document covers a wide range of subjects, from problems of stablishing algorithmic non fungible tokens (nfts) and initial coin offerings (icos).
As the Treasury has indicated, the proposals aim to put the United Kingdom's financial services sector at the forefront of cryptography and, therefore, to avoid strict controls, that grew in scale around the world in the middle of the crypto winter.
The Treasury announced that there would be no separate regulatory regime for cryptography as it would come under the Financial Services and Markets Act 2000 (fsma) of the United Kingdom. The objective is to level the playing field between cryptography and traditional financial systems. However, Britain's leading financial regulator, the Financial Conduct Authority (FCA), will adapt the current FSA rules to the digital asset marketplace.
At least one inconvenience resulting from this decision is the requirement for players in the crypto market to repeat the registration process. At least one nuisance of this decision is the requirement that participants in the crypto market repeat the registration process.
Prior to that, they had to go through the CFA licensing process. Earlier, they have been through the licensing process of the Federal Court, but now they must be evaluated 'in relation to a wider range of measures.' The good news is that outside the traditional financial world, crypto companies will not have to report their market information on a regular basis.
But sharing would be necessary to preserve this data and make it accessible at all times. The Treasury has not kept pace with some of its international counterparts and has decided not to ban algorithmic stabilizers. It shall refer to them as "unbacked crypto assets", not "stablecoins", and shall treat them as such.
Related: Crypto scammers abuse ‘lax’ UK company laws to fool victims
However, crypto promotions should exclude the word "stable" from the commercialization of algorithmic parts.
Related: crypto crooks misuse "lax" British laws to deceive victims, and, as per the consultation document, should ensure that lenders consider an appropriate assessment of collateral and contingency plans in the event of default of the main counterparties in the market of participants. BINANCE spared no time to welcome the paper. Initial feedback on the consultation document was positive.
Binance didn't waste any time hosting the newspaper.
Speaking to Cointelegraph, Andrew Whitworth, Ripple's EMEA policy director, described this as a "big step": Chatting with cointelegraph, Ripple Director of Policy to Emea, andrew whitworth, called "a great step": "from this day forward, The government should encourage greater engagement with the private sector in developing a comprehensive strategy, risk-based framework, It will end on April 30, 2023.
