The UK government is anticipated to publish new laws limiting the selling and marketing of cryptocurrency assets, according to The Financial Times report.
The Treasury is finalizing proposals for comprehensive measures to control the crypto company, including limits on foreign companies selling into the UK, mechanisms for dealing with company failures, and curbs on product promotion.
After the implosion of FTX injected new urgency into the government’s promise to impose order on finance’s “wild west,” ministers will soon launch a consultation on the new regulatory regime.
Regulators will have expanded ability to control the industry, including a ban on crypto-related ads by businesses headquartered outside the UK. The Financial Conduct Authority will also keep an eye on how cryptocurrency businesses operate.
The new powers will be added to legislation that is already before the legislature. The Financial Services and Markets Bill, which includes provisions establishing stablecoins and crypto assets, is intended to influence the UK’s financial industry post-Brexit.
Leaders in the cryptocurrency business have long advocated for a more comprehensive framework in the UK, comparable to the European Union’s Markets in Crypto-assets (MiCA) regulation or some of the other schemes being explored in the United States.
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