Updates on crypto regulations in the UK. Yesterday, the official account of the UK Government’s Economic and Finance Ministry posted some information about the regulations of cryptocurrencies. The government made five points addressing the current situation.
Yesterday Chancellor @NadhimZahawi set out his vision for the future of financial services at Mansion House.
1. Repealing retained EU law to build a regime that works better for British people and businesses. pic.twitter.com/BqxKN60sZk
— HM Treasury (@hmtreasury) July 20, 2022
The Launching of The Financial Services and Markets Bill
On Wednesday, the UK Parliament launched The Financial Services and Markets Bill. Its purpose is to make a better financial environment in the UK. To make that happen, the institution will make regulations to protect UK’s customers. This movement is important to avoid further ups and downs in the market.
Updates on the Regulations
In the tweet posted on HM Treasury account on 20 July 2022, there are five points regarding the financial situation. The financial services are expected to remove the European law system and focus on making a better environment for British citizens. This point is related to the UK’s movement, Brexit.
Not only that but also stablecoin was mentioned in another point. Cryptocurrency technology is to be used to establish stablecoin. The topic of stablecoin raised attention among people. One of the goals is to make more payment options for British citizens.
— SHI₿ILIA (@SHIBAINUCRYPTON) July 20, 2022
The financial services are to make regulations regarding reimbursement for those people who experience financial fraud. They are also suggested to make other financial regulations that can boost competitiveness. This is an important move to help growth and investments in the UK.
These regulations are to be consulted with the Bank of England and Financial Conduct Authority (FCA) before any further changes.