UK Treasury: Develop a system within 6 months to prevent cryptocurrencies!

Over the past year, the UK government has been working hard to improve the regulatory environment for cryptocurrencies. After incorporating crypto assets into the financial regulatory system through the Financial Services and Markets Act 2023 at the end of June last year, the British government launched a new cryptocurrency regulatory policy at the end of October last year to ensure stricter regulatory measures.

According to Bloomberg, the British government is actively studying new regulations for stablecoins and crypto asset pledge services and plans to submit them to lawmakers for consideration in the next few months.

NFT issuance may require registration

According to the Ministry of Finance’s latest recommendations, even cryptocurrency companies that only issue non-fungible tokens (NFTs) rather than provide traditional financial services may. Risk being required to register with the Financial Conduct Authority (FCA). This initiative aims to strengthen the monitoring and control of money laundering and counter-terrorism financing activities.

Currently, all cryptocurrency exchanges and custody service providers are required to register with the FCA to meet local operating regulations. This move aims to strengthen supervision of money laundering and terrorist financing. As the new system is introduced and implemented, these regulations will gradually become routine procedures to ensure transparency and compliance in the industry.

According to the latest consultation results, cryptoassets that are different from traditional financial services, such as art NFTs, may be excluded from the current regulatory scope.

In fact, when the British "Financial Services and Markets Act" was passed last year, the British government stated that NFT was "not suitable for regulation as a financial service." Only when NFT is used for regulated financial activities, can it be regulated? will be included in the financial services system. The British government hopes to collect responses to the proposed system before June 9. In the document, they stated: As the industry continues to develop, the number of companies that may need to register may increase!

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