Government promises stronger crypto regulation

[{"selector":"#anim-d489d69c-f846-4593-a60e-dd5f5d9c5261 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-44.67747619592685%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The government has published proposals for crypto-asset regulation it hopes will manage the risks of the turbulent industry. CREDIT-GOOGLE

[{"selector":"#anim-8fd8f2db-dd6e-401a-98f5-3cb0a1ab0d7d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.287202267403853%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The sector has had a calamitous year, with asset values plunging an estimated 75% from their peak of around $3 trillion in November 2021. CREDIT-GOOGLE

Ministers estimate that 10% of UK adults now own some form of crypto.

[{"selector":"#anim-d0a82809-48a2-478a-9cfd-c42ec1bfe1ed [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-18.22140328940737%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT-GOOGLE

They plan to use existing rules for the industry instead of creating reserve arrangements in advance.

[{"selector":"#anim-940d883b-86a2-4f56-a362-13344cda76a6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] CREDIT-GOOGLE

[{"selector":"#anim-107b2c5a-362c-4b8c-b95c-2aea932d470e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The Treasury says that will allow crypto to benefit from the trust, reliability and regulatory clarity of the existing system for financial services set out in the UK's Financial Services and Markets Act 2000 (FSMA). CREDIT-GOOGLE

[{"selector":"#anim-f07fcb9f-c31f-415d-a8e2-103c083b68e6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-28.90624987200394%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] It seeks to create a level-playing field between traditional and emerging financial services, where the principle is equal risk equal regulatory consequence. CREDIT-GOOGLE

[{"selector":"#anim-b1072ff3-41d9-4f0b-b5b0-8cd7de6b9f3e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] It also acknowledges that some crypto businesses may simply choose to continue operating in offshore jurisdictions that do not enforce similar market-abuse rules. CREDIT-GOOGLE

[{"selector":"#anim-0757eeb0-8f04-4939-a429-0de8be252c52 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The minister says the measures will mitigate the most significant risks of crypto technologies by harnessing their benefits. CREDIT-GOOGLE

[{"selector":"#anim-f37215b2-864c-493a-835b-8ebcd7e59c63 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-3d2f577b-069c-490f-9b9b-f30141dbf03a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aae2d298-f828-4c82-ac78-4970b76adc3a","keyframes":{"transform":["translate3d(119.83472%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Andrew Griffiths, the Economic Secretary to the Treasury, has spoken out that the government is steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes crypto-asset technology. CREDIT-GOOGLE

[{"selector":"#anim-ce5a8b8b-75d9-4dd9-8aab-de9aa7e18c09 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] But we must also protect the consumers who are embracing this new technology – ensuring strong, transparent and fair standard CREDIT-GOOGLE

Even as the crypto market was booming, in 2021, the demand for regulation was loud.

[{"selector":"#anim-23f406f9-e72a-4ad6-85f7-5e6367aa69ee [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.287202267403853%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT-GOOGLE

[{"selector":"#anim-d48a4d08-8653-480c-979f-8f87c87aa7ee [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Hundreds of billions of pounds were wiped out of the crypto landscape and companies and people went bankrupt after the scam. CREDIT-GOOGLE