Cancel Chancellor UK is promising “Back Builder” with new crypto regulations directed to transparency and consumer protection

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The movement has become the transformation of the Landscape of Digital Function in the UK, the Office of Rachel Reeves announced on Tuesday This crypt of firms will soon face the same regulatory standards as well as traditional financial institutions.

Reeves, speaking at innovation finance Global summit in London, declared her intention to “return the builders” Fintech and Crupto space, and at the same time ensuring powerful consumer protection.

The new regulatory framework is expected to be expected to later become a law, aims to support legitimate crops companies during the introduction of increased demand for transparency and consumer safety. Towards the box officeLegislation is part of a broader strategy for encouraging economic growth without compromising international standards.

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“While the United Kingdom will always be committed to high international standards, I find that our regulatory framework supports economic growth,” Reeves said.

The announcement comes in the midst of increasing interest in cryptocurrency throughout the United Kingdom. According to the authority of financial behaviorApproximately 12% of adult adults in the UK is now the owner or had cryptoasesets-ups with only 4% in 2021. years, however, the increase in adoption has caused concern.

Reeves’ notes monitor her recent visit to Washington, where she met with the American minerama Treasuri Scott Besenta to discuss not only a potential trade agreement, but also to transatlantic co-operation in cryptic regulation. The vault in the UK said both parties agreed on the importance of coordinating regulatory efforts to support the growth of the responsible sector.

“In order for Great Britain to be a world leader in digital property, international cooperation is vital,” Reeves said on Tuesday, adding that further talks were planned for June as part of the US Regulatory Working Group / Great Britain.

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Legal experts welcomed the direction of the announcement of the Chancellor. Nick Price, MR CRIPTO and financial services in Osborne CLARKA Cited that the idea reports that the idea “explicitly aligns the UK” and marks “Divergence” from the European Union is more adapted to the cryptological regulations of the European Union. “