United Kingdom Set to Reveal Crypto Regulation Plans
The UK government will soon unveil plans to regulate the cryptocurrency market, focusing on the rapidly growing type of token known as the crypto market stablecoin, according to four industry sources familiar with the matter. According to anonymous sources cited by CNBC, the UK government is expected to unveil its regulatory framework for cryptocurrencies in the coming weeks, with a focus on stablecoins. The details of the plan are still being actively discussed.
UK Finance Minister Rishi Sunak will announce a new regulatory framework for the UK crypto market and the UK crypto market. The EU is also developing clear rules for the cryptocurrency industry.
Regulatory Framework is definitely what is needed to move forward!
Yes @cryptostaceyb the UK’s government is paving the road ahead of Fnality’s October UK launch of so-called wholesale synthetic central bank digital currency (CBDC) where the purpose is for institutions to use it for settlement, especially for blockchain-based transactions.
We know already that Natwest and Santander already participated in a trial payment for a security issuance.
Interestingly enough that the Fnality concept has been in development since 2016, but its launch path was accelerated by a 2021 decision from the Bank of England to allow omnibus central bank accounts that co-mingle funds from different institutions reminded me of our concepts of Intercoin and the ecosystem for community tokens but in Fnality’s tokenized money the purpose is for different institutions to use it for settlements.
You can read more info about it here:
I think once regulations are implemented will will see this space move at an even faster pace. I never believed any of these reports of countries like India threatening to ban crypto seriously. Doing so would leave them at a huge disadvantage on the world stage. I believe it’s just been in an effort to create some friction and slow progress so they can position themselves in a way to profit out it and remain the gatekeepers.