The Government of the UK announces new legislation for regulating crypto-funds – lawyer

Minister of Finance Rachel Reeves on Tuesday announced UK’s plans for the adoption of legislation to properly regulate cryptic funds.

From August 2024. year, research published By financial behavior (FCA) estimated that 12 percent of the population in the UK, which comes to approximately 7 million adults, their own crypts, indicating a growing interest in the field. Instead of a comprehensive regulatory framework, FCA currently handles crypto-fund companies under the regulations of money laundering (MLRS) to eradicate financial crime.

According to the new rules, the CRIPTO exchange and prominent dealers are expected in the part of new regulations, in an effort to encourage innovation while combating harmful actions of bad actors. Reeves also expressed the readiness of Great Britain to cooperate with the USA to build a mutual understanding in the regulation of the crypt’s frameworks between the two countries to increase “responsible” adoption of digital funds.

New legislation has received approval of the expert in the crypto industry that are dissatisfied with FCA restrictive process Approvals Registration of digital assets for property. Experts stated that the legislation will harmonize the interests of Great Britain with those of the United States and reflects divergence with the crypton of EU approaches under the markets in the Cripto Assets Regulation (MICAR).

Reeves also presented the United Kingdom Plans to publish the growth strategy and competitiveness of financial services, the first of this type, which is expected to make the growth of financial services sectors in the long run.

Reeves said:

Through our plan for change, Britain We make the best place in the world to innovate – and the safest place in the world for consumers. Robust rules around the CRIPT will increase investor trust, support the growth of Fintech and protect people throughout the United Kingdom.

Last Legal Development in Great Britain comes after introduction From the property account (digital assets) in parliament, which aimed to clarify the legal status of digital investment to represent personal property. In the context of digital matters, English language judges previously foiled with complexities of cases in which there are no disputes on such farms or in line in cases such as divorce procedures. This new legislation hopes to respond to various ambiguities that arise in connection with the cryptone industry, and at the same time cementing the position in the UK as a global field leader.

Crypto-means Whether digital displays of values ​​or rights that use the form of technology and can be traded electronically, and include a wide range of technologies such as Bitcoin, Etherum and non-fungal tokens (NFTS).