Regulatory policies will be implemented within a year.

Sona59

Andrew Griffith stated that the ideal scenario for regulating cryptocurrencies in the UK would be to introduce applicable new regulations within the existing legal framework. He emphasized the desire for similar assets and transactions to be regulated in the same way. The UK government made it clear at the time that it plans to regulate significant cryptocurrency activities, including exchange operations, custodial activities, and lending activities, bringing them under the regulatory scope of financial services. Proposals for each activity outlined specific design focuses, such as prudential requirements, data reporting, consumer protection, location policies, and operational resilience.

Additionally, the consultation proposal addressed various cross-cutting issues related to cryptocurrency activities and business models, including market abuse, cryptocurrency issuance, and information disclosure. Corresponding regulatory measures were proposed for these issues.

The consultation proposal also called for increased responsibility for cryptocurrency exchanges, defining and detailing the specific content requirements for licensing and disclosure documents.

Rishi Sunak, the former Chancellor of the Exchequer and current Prime Minister of the UK, has taken an open stance on cryptocurrencies. He previously stated that the goal is to make the UK the global center for cryptocurrency and technology.

Samiksha

It's also continuously taking action.

Ritu13

Now we need to understand various aspects.

Yamini003

This also requires a bit more policy intervention.