Cryptocurrency Eager to be centralized, the UK continues to take steps in regulating the crypto market.
Announcing its plans for regulating the sector in this context, the UK has announced crypto lending platforms and crypto- issued a consultation document outlining its plans to regulate its lenders.
Proposing new rules to regulate the crypto industry UK Ministry of Finance asked the stakeholders of the sector to put their weight on it.
Stating in the announced consultation document that the aim is to increase measures to protect investors, the ministry stated that they seek feedback from crypto companies on rules focused on protecting investors.
In this context, the ministry also requests crypto startups to submit regular data reports.
The ministry stated in its statement that feedback on the consultation offered on cryptocurrencies can be made until April 30, 2023.
Andrew Griffith, Economics Secretary of the British Ministry of Finance In a press release on the subject, he said:
“We remain committed to growing the UK’s economy and enabling technological change and innovation.
Cryptocurrency technology is also included in these plans.
But we must also protect consumers who adopt this new technology. In this context, we must ensure solid, transparent and fair standards.”
Ian Taylor, Advisor to the CryptoUK Board of Directors, said in a statement. “As the voice of the UK’s crypto industry, we welcome this positive step towards greater regulatory clarity. Considering the provisions in the proposed legislation, consultation with the industry could not be more critical. I think the group will respond to the consultation and advocate for a fit-for-purpose arrangement.” said.
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