According to ChainCatcher, the UK is considering establishing a new framework to manage the trading and lending of digital assets, and Binance and Circle have submitted feedback to the UK government.
Binance said it needed to pay special attention to consumer protection, market integrity and financial stability, but warned that excessive regulation could "inadvertently stifle innovation and growth, eliminate choice and competition, and potentially push consumers to unregulated markets or operators." While disclosure requirements should "provide consumers with the right information," Binance said it questioned whether trading platforms could "assume traditional issuer responsibilities" in the absence of issuers. It also said decentralized finance needed to be "carefully defined" and differences considered and accommodated when drafting new rules.
Binance CEO CZ tweeted that “listing/delisting should be handled by each exchange platform, which should be responsible for providing consumers with correct information based on clear disclosure rules and conducting adequate due diligence.” CZ added that the company supports the introduction of a Crypto Market Abuse Regime “to mitigate the risks and challenges unique to cryptocurrencies.”
Circle said the UK should make the registration process for digital asset companies "simple and transparent, with clear indicative timelines and feedback from regulators on what is good or bad practice." Circle urged the UK Treasury to quickly disclose its plans to regulate fiat-backed payment stablecoins and further clarify the distinction between 'crypto asset' activities and activities related to payment stablecoins involving payment service provision. " (Source link)