According to a recent survey conducted by StarkWare for the Express newspaper, up to a quarter of Britons interviewed think cryptocurrencies are the future of finance. There is some expectation on the part of citizens interested in the crypto world, since, according to CNBC sources, Rishi Sunak, the British finance minister, is expected to announce in the coming weeks new regulatory measures.
It is rumored that the new regulation of the British government will focus mainly on the tokens known as “stablecoins”. These tokens are intended to reduce volatility and are associated with fiat currencies or goods such as gold, real estate, etc. The most popular today would be Tether, with a capital that is currently around the value of 80 billion dollars.
According to the sources, the British Treasury would have been discussing possible measures with companies related to the sector, seeking that this industry not be harmed. Among these companies would be supposedly the Gemini exchange of the Winklevoss brothers. This platform has its own stablecoin, the Gemini dollar.
Although the new proposals are in the development phase, the NCA (National Crime Agency) claimed that the future regulation had measures to detect cybercriminals who can use cryptocurrencies for the purpose of money laundering. The warnings are in line with concerns by authorities around the world regarding decentralized finance and the use of cryptocurrencies to cover up fraudulent businesses and illicit activities.
The United Kingdom does not yet have a regulatory framework like the one that the European Union is already defining with the MiCAalthough in the past it has made decisions such as prohibiting the purchase of certain financial instruments such as cryptocurrency derivatives and ETNs (Exchange-trade notes) to retail investors.
The Bank of England has also urged regulators to take measures that minimize the risks associated with cryptocurrencies. In his report of the Financial Policies Committee, he lamented that the regulatory laws arrived so late and stated that “If the pace of growth seen over the last few years continues and those assets become even more interconnected with the broader financial system, crypto assets and DeFi will pose many risks to the financial system.”.
In conclusion, taking into account that both the federal government of the United States and the European Union have taken steps to create a specific regulation, it would not be surprising if the United Kingdom took “rush” to try to address certain legal loopholes and thus get cryptoactives out of the gray area in the not too distant future. It seems that the interest in regularizing this sector is spreading rapidly in 2022.
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