Insider News: Britain Will Reveal Crypto Regulation Plans In Coming Weeks

Mar 31, 2022

https://liquidity-provider.com/app/uploads/2022/04/dizajn-bez-nazvaniya-2022-04-01t172913.455.png

According to four industry insiders familiar with the topic, the United Kingdom's authorities will shortly unveil steps to regulate the crypto sector, concentrating on a fast-growing token called stablecoins.

British Finance Minister Rishi Sunak is set to propose a new legal framework for cryptocurrency in the coming weeks, as sources, choosing to remain anonymous since the information has not yet been made public, unveiled.

In response to a question about the plans, the Treasury refused to comment.

While the details of the proposals are still in progress, sources revealed that they are expected to be beneficial to the business, offering legal certainty for a sector that has been mostly unregulated yet.

According to the sources, Treasury officials have shown a desire to comprehend the nuances of the cryptocurrency market and so-called stablecoins, digital assets whose value is derived from established currencies like the US dollar.

The department has been in contact with a number of businesses and trade associations. This includes Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, one of the individuals revealed. Gemini's stablecoin, the Gemini dollar, is tied to the US dollar.

Stablecoins have shown rapid growth in terms of use over the last several years, coinciding with a general increase in interest in digital assets. Tether, the world's biggest stablecoin, currently has a total circulating supply of over $80 billion, up from about $4 billion in 2020. However, authorities have expressed concern that the tokens may not be completely backed by an equal amount of reserves and may be used for laundering money and other illegal operations.

Meanwhile, officials are concerned about the financial sector being exposed to bitcoin and other cryptocurrencies, as well as their probable use to circumvent sanctions placed on Russia after its assault on Ukraine.

Risks to economic stability

The Bank of England urged lawmakers on Thursday to strengthen the regulatory environment to mitigate the risks to financial stability posed by cryptocurrencies.

BOE Deputy Governor Sam Woods wrote to numerous bank Executives, noting that banks and financial companies had shown "increasing interest" in "joining different crypto markets."

The sources added that the Treasury's decision is being seen as a response to President Joe Biden's executive order for several federal agencies in the United States to coordinate on crypto regulation. Numerous industry insiders have criticized the absence of such measures in the United Kingdom.

Several firms, including Revolut, Blockchain.com, and Copper, may be forced to shut down their cryptocurrency activities in the United Kingdom this week if they do not comply with the Financial Conduct Authority's cryptocurrency registration by the March 31 deadline.

The FCA said that a "significant" percentage of cryptocurrency organizations do not adhere to necessary anti-money laundering requirements. Only 33 businesses have been added to the registry. Over 80% of companies inspected by the regulator either withdrew their applications or were denied.

Subscribe Our Newsletter

Wall Street Sets New Records After Strong October Jobs Report
Wall Street Sets New Records After Strong October Jobs Report

Investors reacted positively to the October jobs report, which indicated a better-than-expected pick-up in payroll growth and another drop in the unemployment rate.

Stocks
GameStop apes are all talk: Webull CEO
GameStop apes are all talk: Webull CEO

"If you look at the prices today [at GameStop], it tells me that whether it's diamond hands or monkeys, I believe it's just chatter," Denier remarked on Yahoo Finance Live. "We are witnessing our traders and our investors take money off the table in GameStop."

Companies
Oliver

What Does Providing Liquidity Mean in Crypto?
The term "liquidity" is one you hear most when dealing with the crypto market. Liquidity can significantly affect investors' ability to get a fair exchange rate for their cryptocurrency holdings.

discover
Top 5 Most Reliable KYC Technology Providers

Constantine

Top 5 Most Reliable KYC Technology Providers

The development of trade in the financial sector has contributed to the creation of numerous financial markets that offer incredible opportunities for enrichment.

Crypto Exchange Business

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries b2broker

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Alexander

    Is IUL a Good Investment Strategy? — A Guide for Beginner Investors

    Is IUL a Good Investment Strategy?

    Alexander

    Are Crypto Wallets Safe? — Tips to Ensure Maximum Protection of Your Digital Assets.

    Tips to Ensure Maximum Protection of Your Digital Assets

    Alexander

    Roth IRA Guide: What It Is and What You Need to Know.

    Roth IRA Guide: What It Is and What You Need to Know

    Alexander

    From Gold to Index Funds and Crypto: Where to Invest in 2023 for Long Term?

    From Gold to Index Funds and Crypto: Where to Invest in 2023

    Alexander

    Understanding Algorithmic Trading: A Guide for Beginners

    Understanding Algorithmic Trading: A Guide

    Alexander

    Stop Vs. Stop-Limit Order: How Do They Differ?

    Stop Vs. Stop-Limit Order: How Do They Differ

    Alexander

    Invest in the Intelligent Future: The Best AI Stock Market Leaders of 2023

    Invest in the Intelligent Future: The Best AI Stock Market Leaders of 2023

    Deborah Middleton

    How MEC Rules Can Impact Your Life Insurance Policy

    How MEC Rules Can Impact Your Life Insurance Policy.

    Deborah Middleton

    Navigating the Ethical Landscape of AI: Challenges and Solutions

    Navigating the Ethical Landscape of AI: Challenges and Solutions

    Deborah Middleton

    Managing Your Financials The Right Way – A Startup Guide 

    Managing Your Financials The Right Way - A Startup Guide

    Anna

    A Beginner Guide To The Crypto Analysis Tools.

    A Beginner Guide To The Crypto Analysis Tools.

    Anna

    A Brief Introduction to Scalping

    A Brief Introduction to Scalping.

    Anna

    How to Invest in Stocks: A Beginner’s Guide

    How to Invest in Stocks: A Beginner’s Guide

    Anna

    Tips On Finding Crypto Liquidity Providers In 2023

    Tips On Finding Crypto Liquidity Providers In 2023.

    Anna

    Forex Liquidity in 6 Questions and Tips on How to Become Successful in Trading

    Forex Liquidity in 6 Questions and Tips on How to Become Successful in Trading

    Anna

    A Brief and Comprehensive Guide to Spot Trading.

    A Brief and Comprehensive Guide to Spot Trading.

    Anna

    What is The Difference Between Liquidity Provider and Liquidity Aggregator?

    What is The Difference Between Liquidity Provider and Liquidity Aggregator?

    Tamta

    What Is SWIFT Banking System?

    What Is SWIFT Banking System?

    Tamta

    How Liquidity Providers Drive The Foreign Exchange Market

    How Liquidity Providers Drive The Foreign Exchange Market

    Tamta

    How to Start Investing In Crypto

    How to Start Investing In Crypto

    Tamta

    5 Best Crypto CFD Liquidity Providers 2023

    5 Best Crypto CFD Liquidity Providers 2023.

    Tamta

    The Power Of Liquidity For Crypto Exchanges

    The Power Of Liquidity For Crypto Exchanges

    Tamta

    Institutional Forex Liquidity Explained: Why Do We Need It?

    Institutional Forex Liquidity Explained: Why Do We Need It?

    Tamta

    What Is Return On Investment (ROI), And How Can You Calculate It?

    What Is Return On Investment (ROI), And How Can You Calculate It?
    Latest News - Liquidity Provider: Business & FinTech Media
    • News
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
    [email protected]

    © 2023 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site.