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The UK government has officially confirmed its conclusive proposals for the regulation of cryptoassets in the country. These proposals will involve bringing several cryptoasset activities within the regulatory framework for financial services, marking the first time such actions have been subject to regulation.
This statement serves as the government’s response to the consultation and call for evidence regarding the future financial services regulatory framework for cryptoassets. This consultation was initially published on February 1, 2023, and concluded on April 30, 2023. The response document outlines the feedback received by HM Treasury during the consultation process and highlights the impact this feedback has had on the government’s evolving approach to cryptoasset regulation.
The UK is steadfast in its commitment to establishing a regulatory environment that encourages innovation among firms. Simultaneously, it aims to uphold financial stability and establish clear regulatory standards to ensure the safe and reliable use of new technologies by the public.
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