{"id":25355,"date":"2023-02-02T11:47:54","date_gmt":"2023-02-02T11:47:54","guid":{"rendered":"https:\/\/bitcoinprbuzz.com\/?post_type=blog&p=25355"},"modified":"2023-03-01T11:49:35","modified_gmt":"2023-03-01T11:49:35","slug":"uk-government-crypto-regulation-plans","status":"publish","type":"blog","link":"https:\/\/wire.bitcoinprbuzz.com\/blog\/uk-government-crypto-regulation-plans\/","title":{"rendered":"What has the UK Government said about its crypto regulation plans?"},"content":{"rendered":"

The subject of how crypto can be most effectively regulated \u2013 with appropriate benefits for all parties involved \u2013 has undoubtedly long been a keenly contested topic of debate. <\/span><\/p>\n

And now, after much commentary and speculation on what approach the UK Government would and should take to regulating the crypto space, HM Treasury has set out more detail on exactly this. <\/span><\/p>\n

More specifically, the UK Government has said that it intends to \u201crobustly regulate cryptoasset activities \u2013 providing confidence and clarity to consumers and businesses alike\u201d. But what does all of that mean for both businesses and individuals? <\/span><\/p>\n

Treasury working on a principle of \u201csame risk, same regulatory outcome\u201d  <\/b><\/p>\n

With the past year having been an up-and-down one for the global crypto industry to say the least, many eyes were on the UK Government to see what plans it would put in place to regulate the sector. That was especially so in light of now-Prime Minister Rishi Sunak\u2019s pledge, when he was Chancellor of the Exchequer, to turn the country into a \u201cglobal hub for cryptoasset technology.\u201d <\/span><\/p>\n

In the event, UK ministers are looking to use existing regulations to help regulate crypto activities in the country, instead of creating a bespoke regime. <\/span><\/p>\n

This approach, the Treasury has said, will enable crypto to benefit from the \u201cconfidence, credibility and regulatory clarity\u201d of the UK\u2019s existing system for financial services, as outlined in the Financial Services and Markets Act 2000 (FSMA). <\/span><\/p>\n

The Treasury said that it wished to create a level playing field between traditional and newer financial services, based on the principle of \u201csame risk, same regulatory outcome\u201d. <\/span><\/p>\n

To this end, the Government said it was consulting on proposals to put in place rules on the crypto industry that would be fair, clear, and not misleading. It added that it was looking to optimise data-reporting requirements \u2013 including with regulators \u2013 in addition to implementing new regulations to guard against \u201cpumping and dumping\u201d. <\/span><\/p>\n

The latter term refers to the practice of someone artificially inflating a crypto asset\u2019s value, and then selling it. <\/span><\/p>\n

The overarching aim of the plans, according to ministers, is to \u201cmitigate the most significant risks\u201d that crypto technologies present, at the same time as \u201charnessing their advantages\u201d. <\/span><\/p>\n

The consultation on the UK\u2019s crypto future has now begun <\/b><\/p>\n

The Treasury\u2019s consultation was published on 1<\/span>st<\/span> February, and will close on 30<\/span>th<\/span> April 2023. The Government said that following this process, it would consider the feedback received, and work to outline its consultation response. <\/span><\/p>\n

After the laying down of legislation, the UK\u2019s Financial Conduct Authority (FCA) is expected to consult on its own detailed rules for the crypto industry. <\/span><\/p>\n

Andrew Griffith, Economic Secretary to the Treasury, said that the Government continued to be \u201csteadfast in our commitment to grow the economy and enable technological change and innovation \u2013 and this includes cryptoasset technology.<\/span><\/p>\n

\u201cBut we must also protect consumers who are embracing this new technology \u2013 ensuring robust, transparent, and fair standards.\u201d <\/span><\/p>\n

More information on the UK Government\u2019s plans can be found <\/span>in the Treasury\u2019s recent press release<\/span><\/a>. Here at Bitcoin PR Buzz, we will certainly watch ensuing developments closely. <\/span><\/p>\n

In the meantime, don\u2019t forget that if you require the benefit of cryptocurrency press relations expertise, partnerships, and experience, our team can be at the ready to help. Simply email <\/span>contact@bitcoinprbuzz.com<\/span><\/a> for further details. <\/span><\/p>\n

 <\/p>\n\n\n","protected":false},"excerpt":{"rendered":"

The subject of how crypto can be most effectively regulated \u2013 with appropriate benefits for all parties involved \u2013 has undoubtedly long been a keenly contested topic of debate.\u00a0<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_eb_attr":"","_jf_save_progress":"","_jet_sm_ready_style":"","_jet_sm_style":"","_jet_sm_controls_values":"","_jet_sm_fonts_collection":"","_jet_sm_fonts_links":""},"categories":[5],"tags":[],"blog":[],"yoast_head":"\nBitcoin PR Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Bitcoin PR Buzz\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/wire.bitcoinprbuzz.com\/wp-content\/uploads\/formidable\/17\/Bitcoin-PR-Buzz-Main-Logo-1.jpg?fit=568%2C121&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"568\" \/>\n\t<meta property=\"og:image:height\" content=\"121\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@BitcoinPRBuzz\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"CollectionPage\",\"@id\":null,\"url\":\"\",\"name\":\"\",\"isPartOf\":{\"@id\":\"https:\/\/wire.bitcoinprbuzz.com\/#website\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wire.bitcoinprbuzz.com\/#website\",\"url\":\"https:\/\/wire.bitcoinprbuzz.com\/\",\"name\":\"Bitcoin PR Buzz\",\"description\":\"The Original Bitcoin PR Agency - 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