UK City Minister Calls for proportionate cryptocurrency regulations, as he also believes that the current level of cryptocurrency trading and the associated activities is “not posing any significant risk to the UK economy.”
26 March, AtoZForex – The UK City Minister, John Glen, has stated that “proportionate” cryptocurrency regulations could provide the local cryptocurrency sector with a major boost. Mr. Glen has stated that the government is still “engaged in trying to find the right narrative and the right level of regulation if that’s appropriate.”
UK City Minister Calls for Proportionate Cryptocurrency Regulations
The UK City Minister has further added:
“Regulation could be an enabler of a stable, flourishing cryptocurrency exchange in the City of London.”
Mr. Glen has highlighted the importance of taking measured steps ahead of encouraging the domestic innovation thought better legal clarity:
“I think it’s right that we take appropriate — not really cautious, but proportionate — steps to evaluate it before we act as a government.”
Remarkably, he has acknowledged that the current level of cryptocurrency trading and the associated activities is “not posing any significant risk to the UK economy.”
The UK takes an active position in regards to crypto
In the meantime, the UK Chancellor, Philip Hammond has announced that the UK is planning to establish a new “cryptocurrency task force.” The group would include representatives from the Bank of England and the Treasury and financial regulatory bodies.
The initiative “will help the UK to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology,” he said in the statement. In the same fashion, the statement has revealed the UK’s plans to form a UK – Australia “Fintech bridge”. The project will look into linking the countries’ fintech markets to “help U.K. firms expand internationally.”
Some other remarkable moments of the Fintech Sector Strategy include the creation of rules to east the process of collaboration between Fintech firms and banks. The official statement also highlighted that the UK plans to cooperate with Fintech companies to “create ‘shared platforms’ which will help remove the barriers that these firms face.”
Earlier this month, one of the UK cryptocurrency exchange has announced that it is planning to enter Bitcoin futures market next month. The London-based exchange that was established in 2013, CoinfloorEX, has informed the public about its intentions to launch Bitcoin futures contracts on its platform.
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