Published:
Feb 06, 2023
Author:
Sarah Parsons Wolter
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A few months now separate us from the not-so-rosy headlines of 2022, and global attention to crypto has begun to snap back. The latest advancement comes from across the pond, with the UK Finance Ministry announcing a major shift in strategy to transform the UK into a hub for the crypto industry.
While previous statements from the Financial Conduct Authority took a harsh tone, the Treasury has introduced a much more optimistic outlook. To fully capitalize on potential benefits of the industry, the Ministry has asked for feedback from industry participants and experts to inform the new rules.
Proposals are likely to take a sweeping approach, allocating responsibility to trading venues for admission and disclosure documents, financial intermediaries for regime setup surrounding crypto asset lending, and an array of other actors for issues including consumer protection, reporting, and market integrity.
Already the new regulation has been compared to the European Union’s Markets in Crypto Asset (Mica) regulation, which has reached the final stages of the approval process and anticipated to be a landmark step forward.
Although the struggle between the UK and Europe for regulatory preeminence is yet to be determined, the UK takes the cake in another area that has been top of mind this week: football spending. The January transfer window wrapped up with Premier League clubs spending £815m, more than four times that of Spain, Italy, Germany, and France combined. If the dedication to regulatory reform is anywhere close to football, we can expect a promising road ahead.
Portfolio News
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On Top Of Their Game
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