{"id":452880,"date":"2023-10-30T10:09:15","date_gmt":"2023-10-30T10:09:15","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=452880"},"modified":"2023-10-30T17:10:01","modified_gmt":"2023-10-30T17:10:01","slug":"uk-unveils-regulation-proposals-for-crypto-industry-stablecoins","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/uk-unveils-regulation-proposals-for-crypto-industry-stablecoins","title":{"rendered":"UK Unveils Regulation Proposals For Crypto Industry, Stablecoins"},"content":{"rendered":"
The UK government has revealed its long-anticipated framework for regulation of the crypto ecosystem with new rules to be implemented on a phased basis. <\/span><\/p>\n The initial focus is on legislation<\/a> targeting fiat-backed stablecoins to be introduced in early 2024, with plans to extend regulatory oversight to various other crypto activities gradually. <\/span><\/p>\n This move aligns with the government’s ambition, as proposed by Rishi Sunak in April 2022, to position the UK as a thriving crypto-asset hub<\/span><\/a>.<\/span><\/p>\n The finalized rules for crypto assets, published<\/span> <\/a>on Monday, aim to bring certain crypto activities under the oversight of the Financial Conduct Authority (FCA), aligning with the government’s efforts to bring crypto activities within the purview of traditional financial regulations.<\/span><\/p>\n “With the future regulatory framework now taking clear shape and the Financial Services and Markets Act now passed, the UK is the obvious choice for starting and scaling a crypto asset business,” said Treasury Minister Andrew Griffith.<\/span><\/p>\n BREAKING<\/p>\n 🔹The 🇬🇧 government unveils final crypto regulations, with plans to legislate fiat-backed stablecoins in 2024 — House of Chimera (@HouseofChimera) October 30, 2023<\/a><\/p><\/blockquote>\n\n
🔸Aiming to make the UK a crypto hub, the measures align with the FCA oversight, exempting unique NFTs and certain cryptoassets from financial service rules<\/p>\n