The UK finance ministry released draft rules on Wednesday to regulate the troubled crypto industry, aimed at addressing the risks posed by the sector, as highlighted by the recent collapse of exchange FTX.
“Our view is that this reinforces the case for clear, effective, timely regulation and proactive engagement with industry,” the UK Finance Minister Andrew Griffith said in proposals put out to public consultation.
The proposed rules would cover various aspects of the crypto sector, including admission to trading platforms, public offers, transactions and remittances, platform operations, custody, mining transactions, and operating a node on blockchain.
Currently, crypto firms are only asked to comply with anti-money laundering requirements.
Crypto exchange giant Binance has welcomed the public consultation, claiming it has been “vocally supporting” the need for effective and proper regulation.
This article originally appeared on The Tokenist
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Source: Read Full Article