UK Treasury Finalizes Plans to Regulate Cryptocurrency

UK Treasury Finalizes Plans to Regulate Cryptocurrency

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The collapse of the FTX exchange has spurred discussions regarding proper crypto regulation among the prominent people both in and outside the crypto industry.

As part of the response to prevent more events like that of FTX, the UK Treasury is currently close to finalizing a plan to regulate cryptocurrency as per a report by Financial Times on Monday.

The report added that the development will implement “sweeping rules,” in the industry. Moreover, those changes include, “limits on foreign companies selling into the UK, provisions for how to deal with the collapse of companies and restrictions on advertising products.”

“Ministers will shortly launch a consultation on the new regulatory regime,” stated the report. Subsequently, this action arrives after Prime Minister Rishi Sunak stated the need for “effective regulation” in the cryptocurrency industry.

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