Crypto bill
UK government is ready for crypto regulations next year
Published
4 months agoon
By
admin

Officials say the United Kingdom (UK) government is preparing to set a new regulatory framework for the crypto industry, including stablecoin, by next year.
The newly formed government of the UK will advance the cryptocurrency regulations after being delayed due to the general elections this July. Keit Starmer from the Labour Party has been elected as Prime Minister.
Tulip Siddiq, economic secretary to the UK Treasury and City Minister, said that stablecoin would not be regulated under the existing payment services act. The digital currency of stablecoin — pegged by fiat money — would be included in new regulations that are expected to be drafted in early 2025.
“Doing everything in a single phase is simpler and it just makes more sense,” Siddiq said, according to Bloomberg on Nov. 21, at City & Financial Global’s Tokenisation Summit in London.
The development of this legislation product has made crypto industries step aside from Mother England. While other European countries, including regional organizations such as the European Union (EU), have implemented these kinds of regulations in the middle of the year.
EU has implemented Markets in Crypto-assets (MiCA) regulations this year, which provides a comprehensive regulatory framework for better consumer protections and financial stability in the region.
France, Switzerland, and Liechtenstein are examples of other European nations that have already implemented specific regulations for cryptocurrency in the country.
Growing crypto industry in the UK
The long-awaited regulations are important to advance due to the growing number of markets in Great Britain. Approximately 2.5 million adults in the UK own the cryptocurrency, about 5% of the population.
Market size and trading volume also gain a massive amount, around $170 billion and $8.5 billion, respectively. The venture capital also boosts the industry with over $1.9 billion in funding into crypto and blockchain startups in 2022.
UK was also one of the countries considering implementing Central Bank Digital Currency (CBDC) or Digital pound. The latest information says this development is in the design phase by the Bank of England and is being discussed with the industry.
Source link
You may like
Memecoin Insider Creates Wolf of Wall Street-Inspired Coin Despite Potential Interpol Warrant: Report
Bitfarms stock dips despite $110m acquisition
Police Arrest Four Teens Over Amouranth Home Invasion, Attempted Bitcoin Theft
MUBARAK Coin Price Soars 22% Amid This Binance Announcement, What’s Next?
Michael Saylor’s MSTR Purchases 130 Additional BTC
Michael Saylor’s Strategy makes smallest Bitcoin purchase on record
crypto assets
India’s Ambiguous Crypto Policy: Time for Worldwide Unity
Published
3 months agoon
December 17, 2024By
admin

The Indian government stated in a recent declaration to Lok Sabha that there is no fixed timeline for the rollout of the comprehensive set of regulatory guidelines for virtual assets.
The government’s response followed queries posed by two Members of Parliament on what steps were being taken to set up a structured regulatory framework along with an expected timeline for such regulations.
Although the administration noted that it consulted with industry stakeholders and relevant international organizations both formally and informally, it asserted that policy efforts on VDA are needed globally in order to avoid regulatory arbitrage to ANI. India seeks to have effective regulation of borderless crypto assets emerge only through deep international cooperation.
BREAKING: 🇮🇳 Crypto regulation discussed in parliament: 🧵
1⃣ Comprehensive Framework: The government is working on a regulatory framework for VDAs but emphasizes the need for international collaboration to address their borderless nature and avoid regulatory arbitrage. pic.twitter.com/Njlvw48Urj
— Crypto India (@CryptooIndia) December 16, 2024
As taxation on VDA-related income already exists and with VDA transactions brought under the Prevention of Money Laundering Act since March 2023, the government said crypto assets are borderless and thus require international cooperation to prevent regulatory arbitrage. The adoption of the “G20 Roadmap on Crypto Assets” during India’s G20 Presidency brought forth the pressing need for collaborative action at the global level while urging all jurisdictions, especially emerging economies, to develop risk-sensitive regulation.
However, challenges linger as India navigates the path of innovation and investor protection alongside economic strength and financial stability. Given that VDAs transcend borders, the investor protection framework is seen as lacking without robust international cooperation. A clear regulatory timeline leaves market participants with clarity to contend with, as policies rooted in national interest as well as shifting global consensus about how to regulate digital assets continue to take shape.
These latest developments uphold a rising vulnerability in India’s quickly changing crypto sector. While it leads many countries in grassroots digital asset adoption, its popularity has also put it at the top of the list for many fraudsters.
The Andhra Pradesh scam, the most recent in a string of high-profile crypto-related frauds, fits a mold that has emerged elsewhere this year in India, where the lure of appealing monthly returns and aggregates framed as affiliated to reputable exchanges have brought investors from all backgrounds into elaborate enterprises.
Source link

Memecoin Insider Creates Wolf of Wall Street-Inspired Coin Despite Potential Interpol Warrant: Report

Bitfarms stock dips despite $110m acquisition

Police Arrest Four Teens Over Amouranth Home Invasion, Attempted Bitcoin Theft

MUBARAK Coin Price Soars 22% Amid This Binance Announcement, What’s Next?

Michael Saylor’s MSTR Purchases 130 Additional BTC

Michael Saylor’s Strategy makes smallest Bitcoin purchase on record

Bitcoin To $10 Million? Experts Predict Explosive Growth By 2035

Dormant whale sends 300 BTC to FalconX as Bitcoin nears $84k CME gap

Bitcoin Flashing Bullish Reversal Signal Amid Waning Sell-Pressure, According to Crypto Strategist

Bitcoin Price Mirrors Gold’s 1970 Rally – A Six-Figure BTC Target of $250k Next?

OKX Pauses DEX Aggregator to Address Security Concerns

Trump’s second ex-wife calls for end of prosecution against Roger Ver

SEC Commissioner Hester Peirce on the New Crypto Task Force

Solana Hits 400B Transactions, Nearly $1T in 5 Years

640,000 Chainlink (LINK) Withdrawn From Exchanges In 24 Hours – Bullish Accumulation?

Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025

Expert Sees Bitcoin Dipping To $50K While Bullish Signs Persist

Aptos Leverages Chainlink To Enhance Scalability and Data Access

Bitcoin Could Rally to $80,000 on the Eve of US Elections

Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals

Sonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje

Crypto’s Big Trump Gamble Is Risky

Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x

A16z-backed Espresso announces mainnet launch of core product

Has The Bitcoin Price Already Peaked?

Xmas Altcoin Rally Insights by BNM Agent I

Blockchain groups challenge new broker reporting rule

Trump’s Coin Is About As Revolutionary As OneCoin

Ripple Vs. SEC, Shiba Inu, US Elections Steal Spotlight

Is $200,000 a Realistic Bitcoin Price Target for This Cycle?
Trending
- 24/7 Cryptocurrency News4 months ago
Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025
- Bitcoin2 months ago
Expert Sees Bitcoin Dipping To $50K While Bullish Signs Persist
- 24/7 Cryptocurrency News2 months ago
Aptos Leverages Chainlink To Enhance Scalability and Data Access
- Bitcoin4 months ago
Bitcoin Could Rally to $80,000 on the Eve of US Elections
- Bitcoin4 months ago
Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals
- Altcoins2 months ago
Sonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje
- Opinion4 months ago
Crypto’s Big Trump Gamble Is Risky
- Price analysis4 months ago
Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x