11/09/2023
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Classes: Information |
Printed by: BTCGOSU |
Final up to date: 11/09/2023
The UK authorities has taken a decisive stance towards proposals to categorize cryptocurrency buying and selling as playing, emphasizing the necessity for a regulatory framework.
The Parliamentary Committee’s Advice
A current inquiry performed by a committee of UK lawmakers prompted a advice that client buying and selling in cryptocurrencies ought to be handled as a type of playing.
This committee, referred to as the Treasury Committee, argued that cryptocurrencies like Bitcoin lacked intrinsic worth and served no vital societal function whereas being related to felony actions comparable to scams, fraud, and cash laundering.
Authorities’s Agency Disagreement
In response to the Treasury Committee’s advice, the UK Treasury expressed a “agency disagreement.” They argued that regulating retail buying and selling and funding in unbacked crypto belongings as playing, quite than as a monetary service, was not aligned with international regulatory norms and requirements.
The International Perspective
Andrew Griffith, the Monetary Secretary to the Treasury, highlighted that classifying crypto buying and selling as playing would contradict worldwide suggestions and tips established by international organizations and standard-setting our bodies. Such a classification, in line with Griffith, would additionally fail to deal with essential dangers related to the crypto business.
Regulatory Framework for Crypto Belongings
The UK authorities firmly believes {that a} monetary companies regulatory framework is healthier suited to deal with the dangers posed by unbacked crypto belongings whereas fostering a conducive atmosphere for protected innovation. This framework would embody strong measures to mitigate client dangers, together with the dissemination of misinformation.
Motion Towards Misinformation
The UK authorities is actively taking steps to fight misinformation throughout the cryptocurrency business. One notable initiative is the introduction of a devoted monetary promotions regulatory regime for crypto belongings.
Laws associated to this regime was not too long ago introduced earlier than Parliament, underwent debate, and is predicted to be in pressure by late 2023.
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