🇹🇷 The UK may see an opportunity to improve crypto regulations by replacing Web3 firms leaving the US. Conservative think tank Policy Exchange has published a Web3 report offering 10 recommendations for the UK government.
The report recommends limiting the liability of token holders in decentralized autonomous organizations (DAOs). It is also proposed that the UK's financial regulator, the FCA, ease its current KYC approach and allow the use of "alternative and innovative techniques" such as digital identities and blockchain analytics tools.
The UK should not weaken its own wallets and regulate proof-of-stake services as financial services, experts say. Other proposals include allowing private stablecoin issuers to hold stablecoin reserves with the Bank of England and creating a "tax exemption" for crypto exchanges.
Recently, UK regulators have taken a stricter approach to the digital asset sector. The Treasury is considering banning all cold calls promoting crypto investments, and the FCA is warning local crypto businesses to comply with marketing rules or suffer the consequences.
🗣️ What steps do you think the UK should take to improve crypto regulations by replacing Web3 firms leaving the US? We are waiting your comments!
The report recommends limiting the liability of token holders in decentralized autonomous organizations (DAOs). It is also proposed that the UK's financial regulator, the FCA, ease its current KYC approach and allow the use of "alternative and innovative techniques" such as digital identities and blockchain analytics tools.
The UK should not weaken its own wallets and regulate proof-of-stake services as financial services, experts say. Other proposals include allowing private stablecoin issuers to hold stablecoin reserves with the Bank of England and creating a "tax exemption" for crypto exchanges.
Recently, UK regulators have taken a stricter approach to the digital asset sector. The Treasury is considering banning all cold calls promoting crypto investments, and the FCA is warning local crypto businesses to comply with marketing rules or suffer the consequences.
🗣️ What steps do you think the UK should take to improve crypto regulations by replacing Web3 firms leaving the US? We are waiting your comments!