🚨 BREAKING: 🇬🇧 The U.K. government just dropped a BOMBSHELL with their final #crypto regulation proposals 🔥
You won't believe what's happening in the world of cryptocurrencies 😳
1️⃣ The U.K. government has published its final #crypto regulations, aiming to make the country a preferred destination for the crypto industry.
2️⃣ The regulation will be phased, with legislation for fiat-backed stablecoins set to be introduced in early 2024.
3️⃣ The government's plan aligns with a policy to establish the U.K. as a #crypto-asset hub, initiated by Rishi Sunak, the current Prime Minister.
4️⃣ The regulations will cover various #crypto activities, bringing them under the oversight of the Financial Conduct Authority (FCA).
5️⃣ Notably, these rules won't impact #crypto assets already regulated, like traditional securities, and unique NFTs classified as collectibles or artwork.
6️⃣ The FCA will consult on an authorization regime for #crypto companies.
7️⃣ The government intends to create equivalence measures for overseas firms to operate in the U.K.
8️⃣ The government explicitly stated that it doesn't plan to ban decentralized finance (DeFi), acknowledging it's too early to regulate this aspect of the #crypto industry.
9️⃣ The proposed regulations have faced some criticism, with concerns about #crypto being treated like conventional financial services.
🔟 The #crypto industry has expressed frustration over delays and poor feedback from the FCA, leading to some firms reducing their U.K. services due to recent rules restricting crypto promotions.
#️⃣ Summary:
👉 These regulations aim to strike a balance between fostering the #crypto industry's growth and ensuring adequate oversight and protection for users.
