The UK government is reportedly working on a framework aimed at regulating the cryptocurrency industry. The UK Treasury, which will be in charge of scrutinizing the sale and marketing of crypto assets, is expected to announce details about the guideline.
At the moment, the UK is finalizing certain significant changes in regulations, which includes prohibitions on international businesses selling to the UK, regulations on advertising products, and even creating a mechanism to deal with operational failures.
According to reports, it appears that regulators will have more power to examine the industry. The Financial Conduct Authority (FCA) will primarily examine how the companies within the sector function. Once proposed, these rules will be incorporated into the legislation that currently lies before the parliament.
The Financial Services and Markets Bill has been crafted to mainly streamline the UK’s financial sector after Brexit….
