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The U.K. government is fastening the seat belt to bring the cryptocurrency industry under financial services regulation.
The Treasury said late on Tuesday it would unveil a series of proposals to “regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance.”
The move follows a turbulent year in the crypto space where billion dollar funds were stuck and the value of the 500 biggest crypto tokens tanked by ~$1.7T.
Note that last year, Rishi Sunak, then Chancellor of the Exchequer, said he wanted to make the U.K. “a global hub for crypto-asset technology”.
The U.K. Treasury will seek rules for companies that facilitate crypto transactions and safeguard customer assets, as well as tougher transparency requirements.