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Financial regulators in the United Kingdom are reportedly planning to legislate new regulations for the crypto industry in the country.<\/p>\n
According to\u00a0Reuters<\/a>, the UK Finance Ministry, Great Britain\u2019s top financial regulator, plans to both develop and implement sweeping rules for regulating crypto.<\/p>\n Great Britain is following in the footsteps of the European Union (EU), which began\u00a0deploying<\/a> its Markets in Crypto Assets (MiCA) regulation in June after approving MiCA in May. The UK left the EU in early 2020 as part of Brexit.<\/p>\n According to the UK Finance Ministry, crypto assets will be regulated under current market law.<\/p>\n A pair of lawyers, Jonathan Cavill and Sophia Le Vesconte, say that the move from the UK comes at a time when the country risks missing out on the emerging digital asset market.<\/p>\n Says Cavill,<\/p>\n \u201cIt\u2019s unlikely that crypto regulation will be easily shoe-horned into the existing regulatory framework.<\/em><\/p>\n The reality is that as the market develops at pace, the UK runs the risk of being left behind if it fails to attract crypto businesses.\u201d<\/em><\/p>\n According to LeVesconte, the UK\u2019s approach is broadly in line with the EU.<\/p>\n In September, the UK\u2019s Financial Conduct Authority (FCA)\u00a0announced<\/a> they would be cracking down on illicit and non-compliant financial promotion starting in October. The regulator even said that crypto-focused memes that encourage investing in digital assets may constitute non-compliant promotions and could be subject to the law.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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