The UK government will announce this month its plan to regulate the crypto industry. The UK is seizing this opportunity to counter the appeal of the US, led by Donald Trump, to the cryptocurrency industry and reassure businesses about the prospects in the UK.
The British government will seek to combat the lure of a Donald Trump-led US to the cryptocurrency industry by setting out its plans to regulate the sector this month, an effort to reassure firms about their UK prospects https://t.co/HsJXgI9uJ5
— Bloomberg (@business) November 14, 2024
According to Bloomberg reports, the UK Treasury is set to propose two new legislative bills focused on stablecoins. These bills will aim to exempt crypto service providers from certain financial regulations, specifically requesting that custodial wallet services be excluded under an exemption clause.
Following pro-crypto Republican Trump’s election victory, the cryptocurrency industry witnessed a surge in asset prices, including Bitcoin. The win is seen as a signal of more favorable and relaxed policies for the crypto industry. The UK government has thus, jumped on the chance to advance cryptocurrency regulation so that UK startups don’t get lured towards other jurisdictions, particularly the US, where the rules are clearer or more favorable.
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In September, The Property (Digital Assets etc) Bill was introduced in the UK Parliament today which outlined that digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law.
This new bill was introduced to ensure legal protection to owners and companies against fraud and scams. It was also aimed at helping judges deal with complex cases where digital holdings are disputed or form part of settlements, for example in divorce cases.
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Also Read: UK FCA’s Secret Inquiry Into Crypto Firm BCB Closed: Insider Reports
